ITMAX System Berhad entered into a binding term sheet to acquire 70% stake in Aim-Force Software Sdn Bhd from Lew chiew yoon, Yip Huan shean, pek han tiong and chiew kheng huat for MYR 7.2 million.

ITMAX System Berhad (KLSE:ITMAX) entered into a binding term sheet to acquire 70% stake in Aim-Force Software Sdn Bhd from Lew chiew yoon, Yip Huan shean, pek han tiong and chiew kheng huat for MYR 7.2 million on August 23, 2023.Consideration is in the form of cash and earnout payment. Transaction is funded from internal generated funds. Aim-Force Software Sdn Bhd Reported a Total revenue of MYR 5.8 million, Total assets of MYR 11.2 million, Net Income of MYR 1 million and Total Common equity of MYR 9.5 million in December 31, 2022.

The transaction is subject to satisfactory results of a due diligence investigation.