TBN secures a high growth trajectory in Low-Code software development business with support from BTS Group



BTS Group Holdings Public Company Limited (BTS Group) has acquired a 25% interest in TBN Software Company Limited (TBN) a leading Thai software developer engaged in digital transformation consultancy through its Low-Code Development Platform (LCDP). The acquisition is part of BTS Group’s diversification into the evolving emergence of the software solutions industry.

Founded in 2008, TBN is Thailand’s first and most experienced low-code software development technology provider and implementer of Mendix, serving Thai blue chip and multinational corporations. As the licensee of Mendix Low-Code Development Platform (LCDP) in Thailand, it specialises in technological consultancy services and diversified IT solutions utilising both low-code and traditional coding methods.

LCDP software enables non-developers to create applications with the use of drag-and-drop visual interfaces as opposed to conventional coding methods. This allows non-professional developers with minimal or no coding experience to collaborate with professional coders, from ideation and development through deployment and operation. Therefore, LCDP helps with debottlenecking shortage of developers, reduction in time for development and more importantly increasing speed to market.

Mr. Panayu Sirikrachangsri, Chief Executive Officer of TBN, expressed, “We are pleased to have BTS as a partner, as it would enable us to expand Low-Code technology across diverse ventures into new retail and manufacturing markets, overseas expansions, as well as exploring new technologies within the artificial intelligence, augmented reality and virtual reality platforms. BTS is a great partner to us and we are confident of them, as they have a proven successful track record of leading diversified partners in creating mutual benefits to uplift each other’s growth”.

In 2021, TBN saw its total revenue soar by 36% YoY which stood at 293 million baht, while its EBITDA increased by 10% YoY to 102 million baht. TBN has had a stellar record in building a diverse portfolio of clients from retail, to financial and insurance services, along with government-related entities (i.e. Makro, SCB, KTC, CPF). With its successful achievements and accomplishments, the company is bound to see exponential growth in the Low-Code software solutions industry over the next few years and has plans to list on the Stock Exchange of Thailand.

Over the next few years while the software solutions industry as a whole is expected to grow at a robust CAGR of 13%, the Low-Code segment should see more than 30% growth. In line with Thailand’s 4.0 innovation-driven economy, the digital solutions industry should increase across the economy, underpinned by enterprises’ modernisation and digitisation needs.

“We are a strong believer of TBN’s business plan and trajectory, and believe the market potential for Low-Code technology is immense. As pioneers of LCDP in Thailand, we anticipate a rapid growth curve for TBN, and look forward to supporting the Company to its IPO and beyond”, explained Mr. Surayut Thavikulwat, Chief Financial Officer of BTS Group. “With this transaction we are in a unique position to further expand our growth as we strengthen our 3M (MOVE, MIX and MATCH) networks”.

BTS Group sees this as a great opportunity to diversify and partner with one of the leading software solution firms, working in unison with its 3M strategy. With the rapid advancement in digitisation, this strategic investment would reinforce BTS Group’s traction to capture business opportunities in digital solutions, leveraging and synergising off an extensive list of its affiliates.