The pandemic has been driving demand for electronic document management, resulting in five- to six-fold growth last year as organisations geared up for remote work and searched for cost savings, says Ditto Thailand, a document and data management service provider.
The company, which filed last year for an initial public offering (IPO) that was approved by the Securities and Exchange Commission on April 6, aims to list on the Market for Alternative Investment (MAI).
The offering is expected to be 80 million shares, or 18.8% of its total shares. The first trading day for the stock has yet to be fixed.
"We see demand from corporate users and the government to convert paper-based information into electronic form to facilitate remote work and ensure health and safety during the pandemic," said Takorn Rattanakamolporn, chief executive of Ditto Thailand.
In the wake of the pandemic, corporations realise electronic data is imperative and efforts to convert documents into electronic files is necessary for investment, he said.
"Demand for the service in 2020 surged by 500% from 2019," said Mr Takorn.
In 2020, the company booked 988 million baht in revenue and 114 million in net profit, increases of 27.5% and 102%, respectively, from the previous year.
He said the government should support the service as part of its e-government scheme and digital transformation drive.
The company has assisted 290 judicial courts across the country in converting case files to a digital format.
"Efforts to pursue e-court and e-filing drives the ecosystem for the service among prosecutors, police and correctional offices, which all support the electronic system," said Mr Takorn.
Central Group, a leading retail and service business operator, is a Ditto customer that uses e-invoices.
He said Ditto plans to expand its customer base to companies in the retail, insurance and healthcare sectors, as well as large government agencies and judicial organisations.
The firm aims to embark on a cloud-based document management service with an investment of 50 million baht, targeting small businesses with affordable prices.
Money raised from the IPO can support cash flow and business expansion, said Mr Takorn.
"The IPO is expected to begin trading in the third quarter this year," he said.
The company also operates a rental business for copy machines as well as operating technology engineering projects for state agencies.