Ramssol Group Berhad, a Malaysia-based human resources (HR) solutions provider, has inked a partnership with Singapore-based software as a service (SaaS) provider Hono Asia Pte. Ltd. (HONO) for artificial intelligence (AI)-driven human resource (HR) solutions.
Under the agreement, RAMS will position HONO Artificial Intelligence, HR Platform + HR Generative AI Strategic, and HR Chat Generative Pre-trained Transformer (HR Chat GPT) Partnership in South East Asia including Malaysia, Singapore, Thailand, Indonesia, Vietnam, and the Philippines.
The target commercial value would be $4 million per annum and a total of $15 million for three years. Earlier this year, the duo had also entered into a business partner agreement in which HONO will appoint RAMS as the authorized business partner for the sales and marketing activities about payroll compliances and other HR-related statutory compliance services, New Age IT-enabled HR Solutions like Employee Engagement, Collaboration as well as HR Management System using its proprietary SAAS platform, programs, and applications of HONO in the South East Asia.
RAMS will arrange its efforts and resources to acquire the essential information and technical proficiency about HONO’s offerings, services, and software. This includes marketing and promotion activities related to services, and driving a pipeline of client leads matching the target profile of clients as counted by the company from time to time. RAMS will also be representing as HONO’s partner and authorized to promote HONO’s services and software and pursue the client lead(s) to convert it into a client for HONO by execution of the definitive documents.
It will also be assisting/advising HONO during the sales cycle if/when needed, and regularly updating HONO on its sales head or an identified representative on the status of various client leads through a defined and agreed review process. The partner fees for RAMS would be based on revenue sharing criteria of 35 percent for subscription for three years from the execution date of the definitive documents or actual contract term under the definitive documents with the client, whichever is earlier.
“The agreement and addendum agreement is in line with the company’s strategy and continuous effort to expand its software development technology business and is expected to provide an additional revenue stream and enhance the earnings base of the company and its subsidiaries, which in turn is expected to improve the group’s financial performance and the shareholders’ value”, Ramssol said.