Malaysia’s Time dotCom cashes in on cloud computing, buys 60% stake in local firm
TIME dotCom Berhad, one of Malaysia’s leading internet service providers, have revealed that it is investing in the tech potential of a homegrown cloud computing provider.
The company has acquired a 60% stake, or $14.5 million (RM58.7 million), in AVM Cloud Sdn Bhd, a private cloud computing company to drive its business.
As Malaysia continues to battle COVID-19, remote work has gradually become the new norm in the country. Therefore, surging demand for data storage, greater connectivity, and other internet services can only be handled by cloud technology.
With the acquisition, TIME said that cloud computing is now the latest pillar of its business.
“We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base,” said TIME commander-in-chief Afzal Abdul Rahim.
Meanwhile, AVM CEO David Chan said that TIME’s decision has given AVM the opportunity to scale and grow its existing products and services, and expand the company’s footprint for its regional cloud business.
As for the remaining 40% stake, TIME said that AVM has acquired the rest via local cloud computing company Integrated Global Solutions Sdn Bhd (IGS), making IGS its wholly-owned subsidiary.
There has been significant growth in the adoption of cloud for high-performance computing. At present, nearly 25% of enterprises are using cloud high-performance computing, and the number tends to increase rapidly over the forecast period.
Globally, half of the enterprises ae evaluating the usage statistics of cloud technology for positive values and higher efficiency.