SMEs in Malaysia are being severely affected by talent management issues, especially with no digitisation strategy to systematically manage employee performance and match their needs and wants. In fact, the current employee turnover rate for Malaysian SMEs now stands at 20.88%, way above the reasonable rate of 15%.
Vimigo specialises in HR SaaS software development, and is the leading player in employees' performance rewards systems.
Vimigo is a Performance Rewards System that embraces the essence of KPI and OKR.
Vimigo helps provide solutions and solve important issues in a company’s management, such as sales growth and overall organisation. vimigo also assists in developing clear sales and marketing systems for the teams to follow and achieve their company goals.
Vimigo has served over 500 SMEs nationwide in a wide range of industries from as few as 8 employees to over 1000 since 2018.
The problems faced by most SMEs today is that there has not been solutions with a systematic methodology to address performance evaluation with structured rewards management among the employees. This has been a long standing issue that results in poor efficiency and high attrition rates among the SME community.
Vimigo aims to evolve the traditional business models by defining work goals through the vimiGoal, vimiSales and vimiTeam modules, as well as structure rewards management through vimiRoadmap, VimiBank and VimiRewards.
Establishing clear S.M.A.R.T goals and transparent rewards system has proven to be a strong motivation for employee engagement, which heavily contributes to employee satisfaction and therefore retention.
Vimigo offers a 3-tier pricing plan for SMEs of different sizes:
Vimigo Standard package for companies with a turnover below MYR 20 million and below 50 users
Vimigo Medium Plan for companies with a turnover between MYR 20 - 50 million and below 200 users
Vimigo MAX Plan for companies with a turnover above MYR 50 million turnover with more than 200 users
Vimigo aims to boost the business performance of its clients, by using the system’s algorithm to reward the right employees according to the goals that are set out for them.
Besides, Vimigo’s vimiTeam module promotes team spirit in the client’s organisation through setting out a common goal and shared rewards for various teams.
Vimigo has reached its 4th year milestone in providing a well-established and matured software solution to SMEs on performance rewards systems.
To-date, Vimigo has established a fully operational product with over 500 SME customers within 3 years of development.
We are projecting the revenue generation of:
2022: MYR 17.6m (with expansion efforts to the non-Chinese market and international market)
2023: MYR 283m
2024: MYR 893m
2025: MYR 2.7b
Vimigo’s mission is to empower small and medium-sized businesses to fulfill their vision and thrive by harnessing the power of technology to motivate and retain good team members.
Vimigo has so far served over 500 SMEs nationwide in various industries from as few as 8 employees to over 1000 since 2018 like YunDa Express, Big Bath, Vit’s, The Alley, Perodua and others.
Research of Mordow Intelligence has shown that the Asia Pacific for IT Services Market is the fastest-growing market globally, especially in China, India, Singapore, and Malaysia. The compound annual growth rate (CAGR) for IT Services Market in the Asia Pacific is about 10.36% during the forecast period 2021-2026.
Verified Market Research shows the global HR Software Market size was valued at USD 15.59 Billion in 2020 and is projected to reach USD 33.57 Billion by 2028. This is an entirely positive uptrend for the IT Services Market and also the HR Saas system.
Due to COVID 19 global pandemic, most SMEs are forced to reform their business to adapt to the new norm. Malaysia has seen a higher employee turnover rate since. In fact, 57% of the employers listed employee dissatisfaction with pay as the main cause for attrition. As a result, businesses, especially SMEs, will have higher turnover but it is harder to hire mid-career professionals.
Besides, due to the big environment, some of the business is forced to work remotely and it leads to employees’ performance issues. According to the KPMG research,
AI-powered employee analytics will give employers a better understanding of talent needs, measure productivity, and design the future workforce.
Vimigo’s vision is to assist SMEs to achieve their vision.
To align and achieve Vimigo’s vision, Vimigo will plan to expand further in Southeast Asia, helping more SME entrepreneurs digitise talent management in their companies.
Vimigo’s market positioning is as a leading technology company that delivers high-standard software, services, and support using the Software as a Service (SaaS) model.
In line with our commitment to upholding corporate governance and stakeholder engagement, Vimigo seeks to provide pertinent information to investors as the company moves towards IPO.
It is a window of opportunity for high growth potential for both the company and our stakeholders.
Vimigo plans to gradually expand its business around Southeast Asia over the next 5 years.
The key strategy includes market penetration through dealers overseas. There are already active solution partners to facilitate resource integration in different business areas. The ultimate goal is to build a healthy ecosystem that would foster long-term collaboration among Vimigo’s suppliers, dealers, and customers.
Shane Mun (Founder & CEO)
Phillip Choong (CTO & Director)
Ng Kim Heng ( CFO)
Tze Lin Chong (Legal Advisor)
Allan Tan (Strategy Advisor)
Jess Foong (General Manager)
Ricky Chong (Operations Manager)
- No shares will be allotted or issued based on this document after six months from the closing of the offer period.
- This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
- This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.
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