Singapore-headquartered Info-Tech Systems (ITL) is set to expand its presence in Malaysia and India following its initial public offering (IPO) in July 2025, which raised approximately $60m. The company, known for its cloud-based human resource management systems (HRMS), plans to leverage its asset-light model to achieve a return on equity (ROE) of over 80% in the financial year 2025 and a core net profit compound annual growth rate (CAGR) of 14% from 2024 to 2027.
ITL’s HRMS solutions are designed for small and medium enterprises (SMEs) in Singapore, Malaysia, India, and Hong Kong. As of June 2025, ITL boasted 25,300 HRMS customers and a 94% retention rate. The company offers competitive pricing, with fees significantly lower than local peers, which has helped it capture a 10% market share in Singapore.
In the first half of 2025, ITL added 2,500 new customers, primarily in Malaysia and India, contributing to a 5% year-on-year revenue growth to $22.4m. Despite a slight contraction in operating margins due to new hires in India, the company expects growth to normalise by 2026.
ITL’s expansion strategy is supported by its strong cash position and minimal capital expenditure needs. The company aims to increase its market penetration in Malaysia and India, where it anticipates revenue growth of 18% and 29% CAGR, respectively, from 2024 to 2027. The company’s target price is set at $1.10, reflecting a 33% potential upside from its current share price.
With a focus on affordable solutions for SMEs and a robust subscription model, ITL is well-positioned to enhance its market presence and drive sustainable growth in the coming years.
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