1. INTRODUCTION
The Board of Directors of Insights Analytics Berhad ("Company") wishes to announce that, the Company, its wholly owned subsidiary, Insights Analytics Technologies Sdn. Bhd. (formerly known as Exxor Technologies Sdn. Bhd.) ("IATSB"), its directors Bong Joon Fook and Wee Khiam Hui had received a letter dated 26th March 2026 from Messrs. David Teng & Co., the advocates acting for Place2Stay Management Sdn. Bhd. ("Plaintiff"), accompanied by a Writ of Summons dated 24th March 2026 and Statement of Claim dated 24th March 2026 ("Claims") issued by the Kuching High Court ("Court") demanding inter-alia, payment of balance purchase price of RM8,480,100.00.
2. BACKGROUD OF CLAIMS
On 21st October 2024 and 1st November 2024, the Plaintiff and IATSB entered into four (4) Centralised Software Consolidation Platform Source Code Sale Agreements for the sale and purchase of 4 source codes namely Integrated Construction Site Resources Information Management System ("ICSRIMS"); Integrated Smart Hotel Operations, Management and Reservation System Using IOT ("IHOMRS"); Centralised Smart Transport Management System ("CSTMS") and Integrated Smart Road Maintenance and Management System ("ISRMMS") for total purchase price of RM13,423,200.00.
On 1st November 2024, the Plaintiff and IATSB agreed to vary the payment terms by way of 36 monthly instalments, with the agreed monthly instalment in the sum of RM368,700.00 per month, starting from 30th November 2024.
Pursuant to various supplementary agreements executed between the Plaintiff and IATSB and by IATSB's letter dated 10th February 2026 to the Plaintiff, IATSB agreed to relinquish all its right, title and interest in the 3 Source Codes namely ICSRIMS, IHOMRS and CSTMS save for ISRMMS back to the Plaintiff with immediate effect.
It is the position of the Company that upon IATSB relinquishing all its right, title and interest in the 3 Source Codes back to the Plaintiff, IATSB was no longer liable to pay the Plaintiff the balance of the monthly instalments.
3. FINANCIAL AND OPERATIONAL IMPACT
As at the date of this announcement, the financial impact is limited to the amount claimed by the Plaintiff and there is no operational impact arising from the claims on the Company or IATSB as the Company and its subsidiaries have already repositioned this business segment and pivoted from relying on the 3 Source Codes in gestion for the group operation and revenue generation.
Notwithstanding its materiality, the Company expects to remain profitable, with its growth trajectory intact and robust.
4. PROPOSED STEPS TO BE TAKEN IN RESPECT OF THE CLAIMS
The Board of Directors will be seeking legal advise as to whether the claims by the Plaintiff should be referred to arbitration instead as the dispute revolve around interpretation of the clauses in the various supplementary agreements. The Company, IATSB and its directors shall appoint Solicitors to defend themselves against the Plaintiff's claims accordingly. The Company will announce further developments on the above matter as and when necessary.
This announcement is dated 27th March 2026.