SL Innovation Capital Bhd (SLIC), through wholly owned subsidiary, CR Distribution Sdn Bhd, today signed an exclusive distributorship with Cyclone Robotics Malaysia Sdn Bhd to drive hyperautomation in Malaysia.
SLIC said the partnership will enable it to capture opportunities arising from the digital transformation of companies through the use of Robotic Process Automation solutions.
Hyperautomation is a comprehensive approach where businesses leverage a range of cutting-edge technologies like artificial intelligence, RPA and business process management and more to identify, validate and automate business and IT processes.
SLIC managing director Soon Seng Teck said hyperautomation is projected to grow in the coming years, underpinned by the increasing need for process optimisation, cost efficiency and enhanced customer experiences.
He added that local companies are recognising the potential of hyperautomation to gain a competitive edge in the global market.
“Cyclone Robotics is the new hyperautomation which got a lot of potential for the future and we are looking forward to have this type of software to run together. As far as I'm aware, Malaysia right now does not have this type of software and it is important for us to appreciate their software,” he told reporters after the signing ceremony.
On SLIC’s recent announcement to transfer from the LEAP Market to the ACE Market of Bursa Malaysia, Soon hopes to complete the process by the first quarter of 2024, and shared that it is in the process of due diligence and preparation work.
“The LEAP market has limited investors, only sophisticated investors, the fundraising and liquidity of the market has a limit. For SLIC to go to the next phase of growth, we will need to tap into a larger pool of investors,” he said.
The proposed transfer will involve, among others, an issuance of new shares in the group to the general public. It is the midst of finalising the scheme, Soon said, as “we also need to consider the fundraising amount to raise and this new Cyclone collaboration and allocation”.
CR Distribution CEO Edmund Low said it anticipates to expand regionally within three years by 2026.
“It is already in the pipeline, but if we have the funding, we can move faster. Otherwise, it is not going to stop us. We would still move with our plans ... maybe two or three years. We want to make sure Malaysia is properly set up, and then we will move on to other countries, by 2026,” he added.
SLIC, which is an IT infrastructure technology solutions provider, was listed on the LEAP Market in May 21, 2018.