Malaysia-based telecommunications provider TIME dotCom has acquired a “controlling stake” in AVM Cloud amid plans to create a dedicated cloud division targeting enterprise customers across Southeast Asia.
Terms of the deal will see TIME acquire a 60 per cent stake in the VMware specialist partner for RM58.7 million cash - equivalent to approximately $14.5 million in USD - to build out a “full spectrum” of product offerings which also includes fixed line services, global network connectivity and data centres.
Formerly known as Integrated Global Solutions Technologies, AVM Cloud launched to the market in 2010 as a cloud service provider with expertise in back-up, disaster recovery and data protection, alongside compute, storage and network capabilities.
Key vendor alliances include VMware, Dell Technologies, NetApp, Trend Micro and Veeam, with the business serving more than 250 enterprise customers across finance, retail, logistics and government sectors.
“TIME is excited to grow cloud computing as the next pillar of our business,” said Afzal Abdul Rahim, commander-in-chief of TIME. “We believe we’ve found the right partners in AVM, considering their comprehensive product suite and customer base. We warmly welcome them to the TIME family and look forward to establishing a regional cloud business with them across ASEAN.”
Operating as a homegrown business founded by five Malaysian entrepreneurs, AVM Cloud continues to go from strength-to-strength in the local market as one of the leading VMware service providers in Southeast and North Asia.
“We are happy to have joined the TIME family as this has given AVM Cloud the opportunity to scale and grow and extend our products and services to the Group’s customer base,” added David Chan, CEO of AVM Cloud. “We also hope to capitalise on TIME’s regional footprint to grow a regional cloud business.”