KUCHING: Insights Analytics Bhd (IAB) has been sued by Place2Stay Management Sdn Bhd over claims amounting to RM8.48 million, representing the alleged balance purchase price for software systems.
In a filing alongside its third-quarter financial results, IAB said it, its wholly-owned subsidiary Insights Analytics Technology Sdn Bhd (IATSB), and two directors — Bong Joon Fook and Wee Khiam Hui — received a writ of summons and statement of claim dated March 24, 2026, from the Kuching High Court.
The legal action, initiated by Messrs David Teng & Co on behalf of Place2Stay, seeks, among others, payment of RM8,480,100.
IAB said the dispute stems from four software source code sale agreements entered into between Place2Stay and IATSB on Oct 21 and Nov 1, 2024, involving integrated systems for construction resource management, hotel operations, transport management and road maintenance, with a total purchase price of RM13.42 million.
On Nov 1, 2024, both parties agreed to revise the payment terms to 36 monthly instalments of RM368,700, starting Nov 30, 2024.
However, IAB said subsequent supplementary agreements and a letter dated Feb 10, 2026 led to IATSB relinquishing its rights, title and interest in three of the four source codes — integrated construction site resources information management system (ICSRIMS), integrated smart hotel operations, management and reservation system using IoT (IHOMRS) and centralised smart transport management system (CSTMS) — back to Place2Stay, retaining only integrated smart road maintenance and management system (ISRMMS).
“The company’s position is that upon relinquishing these rights, IATSB is no longer liable to pay the remaining instalments,” it said.
On financial performance, IAB posted a net profit of RM9.52 million for the third quarter ended Jan 30, 2026 (3QFY2026), on revenue of RM44.28 million. Earnings per share stood at 1.73 sen. There are no comparative figures as the company was listed on the ACE Market in October 2025.
Revenue was mainly contributed by water technology solutions (RM39.77 million), followed by intelligent asset management solutions (RM4.5 million).
Quarter-on-quarter, net profit slipped slightly from RM9.9 million despite revenue rising 67.3% from RM26.8 million, due to lower profit margins in the water technology segment.
Profit before tax declined 9.4 per cent to RM12.29 million from RM13.57 million in the preceding quarter.
For the nine-month period, IAB recorded a net profit of RM28.7 million on revenue of RM99.5 million.
Looking ahead, IAB said it remains optimistic, supported by its strong position in the water technology sector and growing traction in intelligent asset management solutions.
The group said its solutions — driven by Internet of Things (IoT), artificial intelligence (AI), data analytics, cloud computing and digital twin technologies — enhance operational efficiency through real-time tracking, predictive maintenance and advanced optimisation.
It added that its established relationships with key water agencies in Sarawak position the group well to secure new projects and sustain growth.
Strategic priorities include strengthening in-house IT capabilities, expanding market presence in East Malaysia, securing more government-related water projects, and exploring strategic investments and acquisitions.
“Barring unforeseen circumstances, the group expects to maintain its growth momentum and deliver sustainable value to shareholders,” it said.
