Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/info-tech-systems-ltd" target="_blank" data-smartkarma-citation="entities:45425:1" rel="noopener">Info-Tech Systems (ITSL SP)</a> is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.</li>
<li>Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.</li>
<li>We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.</li>
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Info-Tech Systems (ITSL SP) is an SGX Mainboard-listed provider of cloud-based business software for small and medium enterprises (SMEs), with operations in SG, MY, HK and IN.
Its core product is a modular human resource management system (HRMS) covering payroll, leave, claims, time attendance, appraisal and scheduling, which it sells alongside its proprietary accounting software.
We initiate non-rated coverage on Info-Tech Systems. While the firm has shown strong growth , HRMS revenue could potentially decline given grant funding being an important driver for first-year sign-ups.


Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>Academy Business Emerges as Powerful Second Growth Engine The Academy segment's explosive +184% revenue growth in FY2025 materially changes Info-Tech's growth trajectory.</li><li>Services revenue of S$15.0 million (from S$5.3 million in FY2024) validates the Academy as a high-margin, scalable, and synergistic add-on to the core HRMS platform.</li><li>We note that our IOC (November 2025) classified Academy revenue as approximately 7% of FY2024 revenue based on the product breakdown available at the time; the audited FY2024 financial statements confirm services revenue of S$5.3 million, or 12.1% of group revenue, consistent with the broader services classification used in the company's segment reporting.</li></ul>

Academy Business Emerges as Powerful Second Growth Engine The Academy segment's explosive +184% revenue growth in FY2025 materially changes Info-Tech's growth trajectory.Services revenue of S$15.0 million (from S$5.3 million in FY2024) validates the Academy as a high-margin, scalable, and synergistic add-on to the core HRMS platform.We note that our IOC (November 2025) classified Academy revenue as approximately 7% of FY2024 revenue based on the product breakdown available at the time; the audited FY2024 financial statements confirm services revenue of S$5.3 million, or 12.1% of group revenue, consistent with the broader services classification used in the company's segment reporting.

Info-Tech Systems Update : Academy Ignition – Earnings Beat Triggers Re-Rating

<ul><li>Info-Tech Systems Ltd (“Info-Tech”) is a leading cloud-based HRMS and accounting software provider for SMEs in Singapore and Malaysia, with growing presence in Hong Kong and India.</li><li>The company has established market leadership in Singapore with over 23,000 client organisations and 900,000+ active users.</li><li>A best-in-class business model — characterized by 91–94% customer retention, 85%+ gross margins, and strong cash generation — positions Info-Tech to capitalize on the structural growth in SME digital transformation across the region.</li></ul>

Info-Tech Systems Ltd (“Info-Tech”) is a leading cloud-based HRMS and accounting software provider for SMEs in Singapore and Malaysia, with growing presence in Hong Kong and India.The company has established market leadership in Singapore with over 23,000 client organisations and 900,000+ active users.A best-in-class business model — characterized by 91–94% customer retention, 85%+ gross margins, and strong cash generation — positions Info-Tech to capitalize on the structural growth in SME digital transformation across the region.

Info-Tech Systems Initiation : "Cloud HR Champion" – Riding the SME Digitalisation Wave

Singapore

Info-Tech Systems is a leading Software-as-a-Service (SaaS) provider for Small and Medium Enterprises (SMEs), offering cloud-based human resource management (HRMS), accounting, and customer relationship management (CRM) solutions. The company also provides digital training programs and distributes electronic security systems. Headquartered in Singapore, Info-Tech Systems was established in 2007.

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Info-Tech Systems (ITSL SP)

Info-Tech Systems Initiation - High Growth and Margins but Needs to Be Sustainable

We initiate non-rated coverage on Info-Tech Systems. Despite the strong growth, HRMS revenue could potentially decline given grant funding being an...

Evolve Capital Advisory Pte Ltd

Info-Tech Systems Update : Academy Ignition – Earnings Beat Triggers Re-Rating

Academy Business Emerges as Powerful Second Growth Engine The Academy segment's explosive +184% revenue growth in FY2025 materially changes...

Tickrs

Info-Tech Systems Initiation : "Cloud HR Champion" – Riding the SME Digitalisation Wave

Info-Tech Systems Ltd (“Info-Tech”) is a leading cloud-based HRMS and accounting software provider for SMEs in Singapore and Malaysia, with...

Tickrs

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