iWOW announced that it has entered into a sale and purchase agreement for the proposed acquisition of The Gentle Group Pte Ltd and its subsidiary, which is a provider of therapeutic nutrition solutions for seniors.

 

The existing shareholders of The Gentle Group include its founder, Shen Yiru, impact investment firm OCTAVE Capital, SEEDS, an arm of SG Growth Capital (the investment platform of the Singapore Economic Development Board and Enterprise Singapore), minority shareholders and option holders.

 

According to iWOW Technology, this acquisition is valued at $11.2 million and is expected to be earnings-accretive over time as the business scales and profitability improves. &ldquo The Gentle Group has demonstrated strong growth, with revenue increasing at a CAGR of approximately 51% from FY2022 to FY2025,&rdquo iWOW adds.

 

The company mentions that with one in four residents in Singapore expected to be 65 and above by 2030, demand for eldercare solutions is set to surge. Also, Singapore&rsquo s government push for Ageing-In-Place and a more holistic longevity approach to ageing is expected to broaden spending and shift it towards community care.

 

iWOW Technology believes that this acquisition will position the company in capturing the growth in the longevity economy.

 

&ldquo Safety earns trust in critical moments, but food builds trust every day. By bringing both together, we are creating a continuous relationship with families &mdash one that allows us to support seniors earlier and more meaningfully across their ageing journeys,&rdquo says Raymond Bo, CEO of iWOW Technology.

iWow Technology plans to acquire a business that provides meals designed for the elderly, in its bid to tap the growing silver economy.

 

iWow is now in the business of providing monitoring systems.

 

Under terms of a non-binding term sheet, iWow will pay $11.2 million, which will consist of $7.2 million in cash, and the balance in new shares to be issued at a price and quantum to be confirmed.

 

iWow is not saying for now the name of the company to be acquired, although it says that the target is already serving institutional customers, including healthcare and eldercare organisations, and is expanding into the consumer market.

 

 

iWOW Technology is issuing 15 million new ordinary shares to an existing shareholder at 20 cents per share, following the shareholder&rsquo s interest in subscribing to new shares.

 

This will result in the company raising gross proceeds of $3 million.

 

The existing shareholder Mehta Vimesh Piyush, acquired his shareholding from the open market after the company&rsquo s initial public offering (IPO) in April 2022.

 

Piyush says that he is interested in participating in the company&rsquo s future growth. He is a Singaporean private investor and entrepreneur, and will have no role in the company.

 

Upon the completion of the subscription, Piyush&rsquo s shareholding in the company will increase from 2.73% to 7.98% and will be designated as a substantial shareholder of the company.

 

Piyush approached the company with an offer to subscribe for new shares by way of a private placement. The board of iWOW said that it views the subscription as a proactive measure to strengthen the company&rsquo s capital base, maintain financial readiness for potential M& A opportunities and support opportunities for its Age-Tech segment.

 

The board said that the issue price was determined following arm&rsquo s length negotiations with the subscriber, and is of the view that the issue price reasonably reflects prevailing market conditions.

 

iWOW intends to use the net proceeds in two ways &mdash about $2 million will be used to expand business through investments, JVs, M& As, and the other $950,000 will be used for Age-Tech.

iWOW Technology will be expanding its wireless Alert Alarm System (AAS) initiative across the island, building on its 2019 pilot that equipped seniors in public rental flats with emergency alert buttons. The Singapore-listed technology company specialises in delivering integrated wireless Internet of Things (IoT) solutions as a service

 

The wireless AAS connects alert buttons in homes to a 24/7 hotline. iWOW will provide the devices while SPTel supplies its island-wide long-range wide area (LoRaWAN) network, multi-network SIM solution and IoT-as-a-Service platform to ensure reliable and resilient connectivity.

 

Scheduled for completion by 2030, the rollout will use low-power LoRaWAN gateways that can keep devices running for up to five years without battery replacement. The gateways are solar-powered, offering a more cost-efficient and sustainable option for low-data transmission use cases compared with 4G, 5G or WiFi.

 

The AAS devices will be managed through SPTel&rsquo s multi-protocol IoT-a-a-S platform, which removes upfront infrastructure costs and supports future integration of smart-city sensors. A multi-network SIM will further bolster resilience by switching between Singapore&rsquo s three major mobile operators during outages.

 

&ldquo With Singapore set to become a super-aged society by 2026, the urgency to ensure seniors can age safely and independently at home has never been greater. We are excited to partner with SPTel to expand the reach of our proven age-tech solutions like the AAS initiative and our alert button to more seniors across Singapore,&rdquo says Jer Yaw Chen, iWOW&rsquo s senior vice president.

 

SPTel&rsquo s CEO Titus Yong adds: &ldquo Our sensor network infrastructure, IoT platform and multi-network SIM solutions are designed to enable IoT applications to scale securely, rapidly and cost-effectively. We are pleased to partner iWOW on this project, contributing our network coverage and IoT solutions to this meaningful initiative to enhance support for our seniors."

On Jul 25, iWow Technology&rsquo s lead independent director Ang Swee Tian acquired 111,100 shares at S$0.188 apiece. This took his direct interest to 0.04 per cent. The past president of Singapore Exchange and the former Singapore International Monetary Exchange also currently serves as the lead independent director of Zheneng Jinjiang Environment Holding Company.

 

The name iWow is an acronym for &ldquo Inspiring the World Of Wireless&rdquo . The provider of integrated wireless Internet of Things and telecommunications infrastructure solutions delivers end-to-end services from hardware/software design to connectivity and operations. Its competitive edge lies in turnkey capabilities, enabling full-scale deployments through in-house research and development (R& D), proven manufacturing, and robust infrastructure. 

 

The group has been strengthening its core growth pillars with continued investment in scalable R& D. Following the success of the Buddy of Parents (BOP) Button introduced by its wholly owned subsidiary BOP Pte Ltd, the group has expanded its suite of agetech &ndash hardware and software to address challenges of old age &ndash with BOP Presence and BOP Monitor, while enhancing its electronic monitoring solutions for regional compatibility. As reported by The Business Times in May, the BOP Button is a wall-mounted emergency device designed for seniors living alone or without full-time care. With one press, it connects them to a 24/7 response centre. In June, the group also announced that BOP Pte Ltd had won the prestigious DBS Foundation Impact Beyond Award, securing a S$1 million grant to advance innovation in agetech and support seniors in ageing well at home.

 

SGX-listed IoT solutions provider iWOW Technology Limited (&ldquo iWOW&rdquo ) has been awarded a significant contract by the Government Technology Agency of Singapore (&ldquo GovTech&rdquo ) for the design, supply, installation, commissioning, operation and maintenance of the Front-End System of the Wireless Alert Alarm System (&ldquo WAAS&rdquo ), which is expected to benefit around 26,800 more seniors living in around 170 rental blocks.

 

Building on Proven Success

 

Since 2019, iWOW has deployed the WAAS in approximately 51 HDB rental blocks, offering vulnerable seniors a vital lifeline during emergencies. The WAAS allows seniors to call for help by pressing conveniently placed alert buttons in their homes. Once activated, the system currently connects them to CareLine, a 24/7 emergency hotline and nearby Active Ageing Centres. To-date, this life-saving system has facilitated emergency medical assistance for more than 800 seniors.

 

Alert Device Customized for Govtech

This new contract introduces a custom-designed Alert Device that meets GovTech&rsquo s tender specifications. The device is LoRaWAN-enabled with 4G cellular voice capability and a battery life exceeding five years. In addition, it is IP rated for use in bathrooms where the risk of falls is higher. This ensures that seniors and their caregivers can have peace of mind, knowing that help is always within reach at the press of a button.

 

As part of this contract, the custom-designed Alert Device will be deployed to around 170 HDB rental blocks, benefitting approximately 26,800 more seniors, further strengthening support for aging-in-place initiatives.

 

Additional Eldercare Solutions

The contract also allows for the provision of other IoT Solutions that will further enhance safety of seniors. These include fall detection sensors and wearable alert devices.

 

Against this backdrop, the nation will need innovative solutions to address the challenges of its rapidly ageing society. iWOW remains committed to continuously developing purpose-driven innovation, especially to support ageing-in-place &ndash keeping seniors safe, connected, and empowered to age with dignity in their communities.

Catalist-listed technology provider iWOW Technology has requested for a trading halt at 1.19pm on Jan 27. An announcement is expected to be released later.

 

On Jan 7, the company announced the unveiling of two Age-Tech products at tech event CES 2025. The products, BOP monitor and BOP presence, complement the company&rsquo s existing product, BOP button, and are part of a suite of solutions to help keep seniors safe, connected, and empowered to age with dignity.

 

For the 1HFY2025 ended Sept 30, 2024, iWOW reported a net profit of $122,000, 57% lower y-o-y. Revenue dipped by 1% y-o-y to $17.1 million.

 

Prior to its trading halt, shares in iWOW traded at 18 cents per share.