G-Able IPO to hasten tech investments
G-Able Group, an IT and digital solutions provider, aims to list on the Stock Exchange of Thailand in the fourth quarter to bolster its investment in high-growth technology.
The company is also making a foray into marketing tech and the metaverse.
"The company realises the demand among organisations to continue to invest in advanced technologies and business solutions to level up their competitive advantage. Speed and dynamic business practices are important for a business to survive," Chaiyuth Chunnahacha, chief executive of G-Able, said in a virtual news conference when discussing the company's business direction.
Citing IT market research company Gartner, he said global IT spending is expected to reach US$4.5 trillion in 2022. IT spending in Thailand is projected to hit 870 billion baht this year.
Mr Chaiyuth said the company's cybersecurity, cloud, big data and digital transformation services saw strong growth last year.
Cybersecurity revenue experienced a compound annual growth rate (CAGR) of 42% over the past three years, he said. The company aims to become a leader in Thailand's cybersecurity space in terms of revenue over the next few years, with earnings from this field projected to reach 1 billion baht.
Cybersecurity will continue to grow as the Personal Data Protection Act, which requires organisations to provide security protection, is due to be fully enforced in June.
Cloud and big data also saw a CAGR of 33% over the past three years.
According to Mr Chaiyuth, the company is targeting revenue of 6 billion baht this year, driven by customers mainly from manufacturing, banking, the education and energy sectors, and state enterprises.
Piyaphol Vudhivorn, senior executive vice-president for corporate strategy and investment at G-Able, said the company aimed to double its revenue to 10 billion baht by 2025, alongside large profits.
To achieve this goal, the company aims to list on the stock market in the final quarter of this year to raise funding for more investment in high-growth technology, Mr Piyaphol said.
There have been three spin-offs from the company: Blendata, a big data and artificial intelligence tech provider; InsightEra, a marketing tech provider; and Mverge, which enables brands to engage in omnichannel marketing and have a presence in the metaverse.
"Mverge provides a digital platform that can support physical and virtual space management," Mr Piyaphol said.
He added that Mverge helps customers to simulate space, manage rental space, and design shops and advertisements, which increases opportunities for the brands to reach out to targeted customers through omnichannel marketing.