Efficient E-Solutions intends to acquire stake in IT firm

PETALING JAYA: Efficient E-Solutions Bhd proposes to acquire majority equity interest in IT and cyber security product development and consultancy firm Kaapagam Technologies Sdn Bhd.

The group told Bursa Malaysia that its subsidiary Efficient International Sdn Bhd (EISB) had entered into a non-binding letter of intent (LOI) with Clement Arul Jeeva Susai Arul, who owns a 39.03% stake in Kaapagam, for the acquisition.

Efficient E-Solutions will also engage Clement's expertise and skills to establish, develop, manage, and operate managed security services.

Kaapagam focuses on web application firewall and security management system designed to secure the web applications from attacks and provide a layer of security by proxying all HTTP(S) traffic and shield web servers and databases from direct access of the attackers.

Efficient E-Solutions, which is involved in the provision of integrated business process outsourcing services, said the acquisition will complement the group's existing business portfolio and the purchase consideration will be negotiated between the parties within 180 days from the date of the LOI.

Its shares gained 4.17% to close at 37.5 sen today with some 2.88 million shares changing hands.