Malaysia-based human resources (HR) solutions provider. Ramssol Group Berhad has inked a partnership with Singapore-based software as a service (SaaS) provider Hono Asia Pte. Ltd. (HONO) for artificial intelligence (AI)-driven human resource (HR) solutions.
Ramssol said in a bourse filing on Monday that RAMS Solutions Sdn. Bhd. (RAMS), its wholly-owned subsidiary, had signed an addendum agreement with Hono Asia Pte. Ltd. (HONO).
Under the agreement, RAMS will position HONO Artificial Intelligence (HONO AI) – HR Platform + HR Generative AI Strategic, and HR Chat Generative Pre-trained Transformer (HR Chat GPT) Partnership in South East Asia including Malaysia, Singapore, Thailand, Indonesia, Vietnam, Philippines
The target commercial value would be $4 million per annum and a total $15 million for three years. The addendum agreement will be effective from October 7, 2024.
Earlier in August, the duo had also entered into a business partner agreement in which HONO will appoint RAMS as the authorized business partner for the sales and marketing activities in relation to the payroll compliances and other HR related statutory compliance services, New Age IT enabled HR Solutions like Employee Engagement, Collaboration as well as HR Management System using its proprietary SAAS platform, programs, and applications of HONO in the South East Asia.
The agreement is a non-exclusive basis for the term of three years beginning from August 1, 2024.
RAMS will deploy its efforts and resources to acquire the necessary information and technical proficiency with regards to HONO’s offerings, services and software.
This is including marketing and promotion activities related to services, driving pipeline of client lead matching target profile of clients as enumerated by the company from time to time.
RAMS will also be representing as HONO’s partner and authorized to promote HONO’s services and software, and pursuing the client lead(s) to convert it into a client for HONO by execution of the definitive documents.
It will also be assisting/advising HONO during sales cycle if/when needed; and regularly update HONO on its sales head or an identified representative on the status of various client lead through a defined and agreed review process.
The partner fees for RAMS would be based on revenue sharing criteria of 35 percent for subscription for a period of three years from the execution date of the definitive documents or actual contract term under the definitive documents with the client, whichever is earlier.
“The agreement and addendum agreement are in line with the company’s strategy and continuous effort to expand its software development technology business and expected to provide additional revenue stream and enhance the earnings base of the company and its subsidiaries, which in turn is expected to improve the group’s financial performance and the shareholders’ value,” Ramssol said.
It also said the partnership is expected to contribute positively to the earnings of the group during the Term.
HONO,was incorporated in April 2019 in Singapore and wholly-owned by SequelOne Solutions Private Limited.
The firm is a growth-stage business to business (B2B) SaaS provider specializing in Generative AI Human Capital Management (HCM) and payroll solutions, with a strong presence across the Asia Pacific region and the Middle East by serving over one million individual users and more than three hundred enterprises clients.
The directors of HONO are Mukul Jain, Randeep Singh Pawar, Amit Khanna, Virender Aggarwal and Chunkath Georgie Antony.
RAMS was incorporated in August 2010 as a private limited company and became a wholly-owned subsidiary of RAMSSOL in May 2021.
The firm is principally engaged in the business of software development and advisory services, people consulting management and implementing end-to-end solutions of enterprise resource planning – human capital management solutions.
The directors of RAMS are Tan Chee Seng and Liew Yu Hoe.