IRIS Corp inks SAAS agreement with Sri Lanka’s Port City

IRIS Group Berhad has entered into a Software-as-a-Service (SaaS) agreement with Sri Lanka-based Port City BPO (Pvt) Ltd as part of its efforts to expand recurring revenue streams.

In a filing, IRIS said the agreement was signed on April 30, 2026, through its wholly owned subsidiary, IRIS International Ventures Sdn Bhd (IIVSB), which will act as the service provider.

Under the agreement, IIVSB will deliver a cloud-based human resources enterprise resource planning (ERP) system, along with support, maintenance and related services, on a subscription basis.

The contract carries an initial term of 24 months, with automatic annual renewals unless terminated. Subscription fees are set at USD4 per active user per month, with additional archival storage charges of USD100 per 1,000 archived users monthly, depending on usage levels.

IRIS said the transaction is classified as a related party transaction under Bursa Malaysia’s listing rules due to common shareholding and directorship links between the parties.

The company noted that pricing was determined on an arm’s length basis, taking into account prevailing market rates and standard commercial terms.

Port City BPO operates within the Colombo Port City Special Economic Zone and is involved in business process outsourcing services.

IRIS said the agreement is expected to contribute positively by generating recurring income through its SaaS business model, in line with its strategy to strengthen its digital services segment. (www.businesstoday.com)