4Sight Holdings Limited – a tech firm that seeks to enable people to make decisions in the digital economy to better the quality of their being, business, and societies – is expanding its business into Chinese market.
The JSE-listed tech firm has signed a memorandum of understanding with Mr Sun Mao Jin from RM (Rongmei Science and Technology CO) to establish a 50:50 joint venture in China.
The 4Sight Holdings group operates in 25 countries worldwide with 84% of its business and revenue earned from the EMEA (Europe, Middle East and Africa) region, 15% from the America’s (mostly Latin America) and only 1% from the Asia Pacific region.
“The 4Sight board subscribes to the use and deployment of local teams in the different regions and have recently closed various contracts in the telecommunications and mining industries in the Asia region, but decided to investigate a formal joint venture (JV) model in the Chinese market,” the tech firm informed investors on Monday.
“The directors have been in discussions since early 2017, and signed the Memorandum of Understanding in Beijing, China on 29 March 2018 to enter and expand the 4Sight business in China through a JV.”
4Sight Holdings which is incorporated in Mauritius operates in telecommunications, media and property services industries, and utilising big data, machine learning, AI, blockchain technology and data science capabilities.
RM’s vision is to extend its current industry focus in government and financial services to that of smart factories, -health and -cities; backed by the Chinese government drive to integrate the internet, big data and AI in the next few years.
4Sight will enable the JV with its Indutry4.0 know-how, implementation experience and technology offerings in the selected vertical markets.
RM will drive funding of the JV, provide loan funding, identify local acquisitions and take responsibility for local business development.
4Sight was listed in Non-Equity Investment Instruments sector of the JSE’s AltX board in last October.
Last month, the tech firm announced plans to buy 100% of the shares in Curo Health.
Curo Health will become a subsidiary of 4Sight.
Curo Health has an established track record and offers services throughout South Africa, Botswana, Swaziland and Namibia, with a National network of healthcare professionals.
Visualitics has done a large amount of work relating to health and data analytics.
Curo Health is a Health and Wellness management company based in Gauteng, South Africa with offices in the Western Cape, KwaZulu Natal, Eastern Cape, Limpopo and the Free State.