Info-Tech Systems, a Singapore-based software-as-a-service (SaaS) provider specialising in HR and accounting solutions, has launched its IPO of 24.86 million shares at S$0.87 each. The company aims to list on the Singapore Exchange (SGX) mainboard on July 4, marking SGX’s first mainboard IPO in nearly two years and the second listing of 2025.
Info-Tech is the first pure-play HRMS and accounting SaaS firm to list on SGX. Co-founded in 2007 by CEO Dilip Babu and Executive Chairman Peter Lee, the company serves SMEs in Singapore, Malaysia, Hong Kong, and India, with a strong financial track record — revenue grew from S$30.8M in FY2022 to S$43.7M in FY2024 (CAGR 19%), and PAT from S$7.2M to S$12.3M (CAGR 31.1%).
The IPO includes 5 million public shares and 19.86 million shares for placement. An overallotment option of 4.9 million shares is also available. Cornerstone investors, including Lion Global, Maybank AM, and Nikko AM, will take up 41.14 million shares. The IPO will close at noon on 2nd July, with the shares scheduled to begin trading at market open on 4th July. Post-listing, the company will have 258 million shares and a market cap of ~S$224.5 million. Estimated net proceeds of S$23.4 million will go towards R&D, marketing, and product expansion.
Despite not having a fixed dividend policy, Info-Tech plans to distribute at least 50% of its net profit from the listing date to end-2025 and in FY2026. The firm sees strong market growth potential for SME-focused cloud software in its four key markets, with projected industry CAGR between 7.2% and 11.9% from 2025 to 2029.
It primarily operates on a 12-month subscription model, with customers typically paying annually in advance. Subscription fees are based on the number of modules selected and the size of the client’s workforce. In addition to subscription income, the company earns professional service fees for custom implementation, configuration, training, and system integration. The model results in a significant amount of deferred revenue, strengthening short-term liquidity and driving consistently strong operating cash flows.
Product and Service Portfolio
Info-Tech Systems has developed a comprehensive suite of cloud-based solutions to cater to different SME needs:
1. Human Resource Management System (HRMS)
Accounting for 78.7% of FY2024 revenue, the HRMS platform is Info-Tech’s core product. Launched in 2016 with four modules, it has since grown to include nine modules:
- HR Software
- Time Attendance
- Payroll
- Leave and Claims Management
- E-Scheduling
- Performance Appraisal
- Project Costing
- Applicant Tracking System
DigiSME, a simplified HRMS for micro-SMEs, is offered in Singapore, Malaysia, and India. The company also recently launched:
- Info-Tech AI, a chatbot for instant HR insights
- AI Talent Acquisition & Onboarding
- Learning Management Software
- AI-powered scheduling systems
2. Info-Tech Accounting Software
Launched in 2022, this cloud-based solution manages inventory, invoicing, expense tracking, and reporting with multi-currency support. Around 25% of its users also subscribe to Info-Tech’s HRMS, creating strong cross-sell opportunities. A simplified DigiSME version is also available.
3. Academy for WSQ Training Courses
Since July 2023, the company has offered 12 Workforce Skills Qualifications (WSQ) courses in Singapore, attracting over 4,000 registrants, and serving as a complementary lead-generation tool.
4. Jobs Lah – AI-Driven Job Portal
Launched in mid-2023 in Singapore and Malaysia, Jobs Lah connects SMEs with job seekers. It has 100,000+ job seekers and 7,000 employers, serving as a lead funnel, though it has not yet monetized.
5. Hardware Sales and Payroll Outsourcing
Info-Tech sells RFID, biometric, and facial recognition devices integrated with HRMS. It also provides outsourced payroll services to over 100 companies, often leading to HRMS adoption.
Market Trends and Growth Potential
The cloud-based HR and accounting software markets in Info-Tech’s core countries are growing rapidly. Between 2025 and 2029, market CAGR forecasts are:
- Singapore: 11.9% (to US$360M)
- Malaysia: 9.2% (to US$1.2B)
- Hong Kong: 10.0% (to US$132M)
- India: 7.2% (to US$3.3B)
Compared to these markets, Info-Tech’s own international subscription revenue grew at a CAGR of 31.7% (FY2022–FY2024). For example, revenue in Malaysia rose at 28.9%, and in Hong Kong and India by 42.1%, far outpacing local industry growth.
Next, Info-Tech operates in a fragmented, competitive landscape, facing rivals such as BIPO, JustLogin, Frontier e-HR, and Boss Solutions in Singapore; and larger regional players like ADP, Workday, and Zoho in other markets. Despite this, it is ranked the leading SaaS HRMS provider for SMEs in Singapore and Malaysia.
Financial Performance
Revenue growth was driven by increased HRMS subscriptions, expanded training services, and rising adoption of the accounting software. Cash flow generation is strong, with free cash flow conversion at 1.0x EBITDA in FY2024, reflecting operational efficiency. As of end-2024, the company held S$29.7 million in cash, with no bank borrowings. Cash makes up about 74.9% of total assets, suggesting its strong financial position.
Overall, its operations shows maturity with rather stable margins. The business also has strong bottom line as shown by close to 40% EBITDA margin. Its growth capacity and sustainability suggest that the business is well managed and have high potentials in the future.
Below shows a breakdown by revenue streams. Its growing diversification also provides more defensiveness towards the business against competition.
We’ve attached a breakdown of its various earnings across geographic locations – Singapore, Malaysia and Others. Its growth potential in Singapore seems to have plateaued and the company is looking for further overseas expansion. The company has pledged to continue expansions in Malaysia, India and Hong Kong to maintain its growth momentum. The company estimates its TAM (total addressable market) is US$17.3 billion. While it didn’t provide its SOM (serviceable obtainable market) which is a more realistic obtainable goal, a 1% of the TAM gives US$ 173 million. This is about 9x its current earnings, suggesting large growth potential in the market.
Breakdown of Singapore earnings
Breakdown of Malaysia earnings
Breakdown of Others
Overall, Info-Tech Systems stands out as a profitable, fast-growing SaaS player that is successfully capturing the underserved SME market in Asia with a comprehensive, scalable platform. Backed by strong recurring revenue, high customer retention, robust financials, and a focused growth strategy, the company is well-positioned to ride the digitalization wave across its target markets. Its integrated product ecosystem, cost-efficient operations, and strategic roadmap make it a formidable contender in the region’s SaaS landscape.
According to Converging Knowledge, the business takes up a market share of approximately 9.8% in Singapore for FY24. It provides a rather comprehensive lineup of services for SMEs to subscribe on. We believe that its asset light model and strong performance provides investing opportunities especially as it solidifies its foothold in the region. However, there are still risks as competition in the market is high with many other software companies like Workday, Deel, etc. providing alternative services.
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