How Wilstech Turned a RM100K Loan into a RM75M Acquisition

From a one-off project supplying workstations to a RM75 million acquisition, Wilstech’s journey is one of growth, adaptation, and strategic decisions. In this episode of Open For Business, Wilson Low, Founder and CEO of Wilstech, shares how the Malaysian B2B IT solutions provider scaled from a RM100,000 family loan to achieving RM23 million in revenue in 2023. We dive into its acquisition by Systech Bhd, lessons from the journey, and the road ahead.

Here are some key highlights from the conversation:

- Wilstech’s Origins: Wilson Low launched Wilstech in 2018 with a RM100,000 family loan, starting with a single project supplying workstations to the government.

- A Shift to Digital Solutions: Initially focused on hardware, the company pivoted to digital solutions like mobile apps, software development, and business automation systems to address the digitalization needs of Malaysian SMEs.

- Star Products Driving Growth: Wilstech’s offerings include the WilsONE Business Automation System and eMOBIQ, a no-code app platform that empowers SMEs to streamline operations efficiently and affordably.

- Revenue Milestones: Wilstech achieved RM23 million in revenue in 2023 and RM14 million in just the first six months of 2024, driven by both SME solutions and government tenders.

- Strategic Acquisition: Earlier this year, Systech Bhd acquired Wilstech for RM75 million in a cash-and-stock deal, marking a major milestone and offering synergies like enhanced resources, funding, and government connections.

- Meeting Growth Challenges: Wilson highlighted the challenges of early sales, scaling the business, and navigating M&A decisions, including choosing an acquisition over pursuing an IPO.

- Future Ambitions: With an obligation to meet a RM5 million profit guarantee for FY2024, Wilstech is eyeing expansion into AI, big data, and smart city solutions, all while staying focused on its SME customer base.

- Long-Term Vision: Wilson envisions Wilstech potentially spinning off as an independent entity within the Systech group, with ambitions to establish itself as a leader in SME-focused innovations.