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Malaysian digital ID software maker Innov8tif finds second buyer in a year

Malaysian digital ID software maker Innov8tif finds second buyer in a year
 

A struggling payments software company is planning an all-cash buyout of Malaysian ID verification provider Innov8tif.

Revenue Group, which is primarily focused on banking, says it will pay 36 million Malaysian ringgit (approximately US$8 million) for a 51 percent stake in holding company Innov8tif Holding. The company owns Innov8tif Solutions and Xendity, an ID verification company as well.

Just five months ago, another financially troubled Malaysian company, Hong Seng, bought 51 percent of Innov8tif for RM 30.8 million ($6.85 million). Hong Seng is in a slide, financially. While its second quarter last year was generally energetic, it has been struggling for an even keel since.

Trade publisher Fintech News has reported on Revenue Group’s internal turmoil, with a board shakeup, “mass resignations” and new executives coming aboard. The CEO of the company has, in fact, announced his resignation but Revenue Group reportedly has asked him to stay.

Innov8tif holds a patent for authenticating Malaysia’s national ID document, MyKad, and also provides selfie biometrics.

Recently, Innov8tif Solutions announced a collaboration with a company named Skyelimit to market electronic KYB service. Skyelimit brings resources and a network to the pairing. Innov8tif Solutions has the software, according to Innov8tif.

Hong Seng is in a slide, financially. While its second quarter last year was generally energetic, it has been struggling for an even keel since.

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