According to the announcement of the Securities and Exchange Commission regarding the registration of securities, disclosure of information, and delisting of securities in the "Market for Alternative Investment (MAI)" for the year 2020, Section 3, which prohibits executives or shareholders and related persons from selling shares and securities within a specified period, and other related regulations, the company is required to prohibit shareholders who held shares before the company offers shares to the public, or securities that may be converted into shares, in a total amount equal to 55 percent of the paid-up capital after this offering of additional ordinary shares, from selling within a period of 1 year from the date the company's shares begin trading on the MAI market. After 6 months from the date the company's shares are traded on the MAI, the prohibited shareholders can gradually sell 25 percent of the total number of shares that have been prohibited from selling, or they can sell the remaining 75 percent once the 1-year period is complete.

Furthermore, the existing shareholders of the company have voluntarily agreed to lock up their shares by signing a Share Transfer Restriction Agreement (Lock-up Agreement), in which they will not sell the shares they hold, in addition to the shares that are prohibited from being sold under the requirements of the Securities and Exchange Commission, for a period of 1 month from the date the company's shares are traded on the Securities Exchange. This amounts to a total of 32,000,000 shares, which is 20.00 percent of the total number of shares after the first public offering of ordinary shares to the general public.

Details the shareholding before and as of the date of the public share offering on October 10, 2023, according to the table below:

Mr. Siriwat Thanurawet, Chief Executive Officer and founder, proceeded to purchase an additional 1,100,000 SRS shares on October 11, 2023, resulting in the changed shareholding structure detailed below.

The Company aims to use the approximately 614.7 million baht raised from the securities offering and would like to report the utilization of proceeds from IPO as of December 31, 2023 as follows:

(Units : Million Baht)

Sirisoft offers consulting and develops information technology systems for organizations with expertise in designing, developing, and maintaining systems through a DevOps (Development & Operations) approach. This involves a blend of cultural ideas, practices, and various tools that enhance an organization's ability to deliver systems or software and services quickly and more efficiently than traditional system development and infrastructure management processes. Additionally, the Company specializes in developing systems or software using a Microservices architecture, which further speeds up system or software development. This helps improve efficiency in troubleshooting internal system issues and makes maintenance and monitoring easier, resulting in developed systems that operate efficiently, deliver on time, and meet customer requirements.

The Company has one subsidiary, SRS Integration Limited ("SRSI"), which provides consultancy in IT system security and develops advanced cyber security systems. It offers IT personnel services and comprehensive related services.

Microservices refer to a software architectural style that focuses on decomposing work into smaller, distinct functions, each with clear functionalities, interconnected through API development, and grouped according to the nature of the tasks. This approach enables faster software production and easier updates without the need to shut down the system every time there's a development. For example, in an online shopping application, we can develop and test connections in parts, working on each piece individually. This allows for quick adaptation to changing business needs, such as 7.7 or 8.8 promotions, where features and functions can be developed and integrated without the need to test the entire system or worry about large-scale impacts.

Low Code is a form of software development that utilizes utilities to assist in writing uncomplicated programs. This reduces the need for specialists in the development process and allows for the quick creation of simple software. However, a disadvantage is that when bugs or problems arise, they can be difficult to fix because the software is not entirely written by the developers themselves, making it harder to identify and address issues when software needs to be improved.

No Code is a method of software development that uses AI to help create programs without the need to write code. It relies on the ability to instruct AI to perform tasks. This approach may offer less flexibility compared to the demands of most businesses today. Moreover, because it relies on utilities created by others, integrating with other systems can be challenging due to language and technological limitations.

High Code involves software development through writing code, allowing for the creation of programs exactly as the customer desires. This can include complex software or software that needs to connect with increasingly numerous surrounding systems, sometimes using different technologies. It requires more flexible analytical thinking to accommodate the detailed requirements of a business or to expand systems. High Code is Sirisoft's area of expertise and has grown alongside the development of this type of software.

In the initial phase of the Company's establishment, the majority of customers were startups, as they required rapid development and swift changes. Later on, enterprise clients began to show interest in Sirisoft's development capabilities and technologies. This led to opportunities for Sirisoft to present its work and develop business applications for them, which has now become the main source of revenue for the organization. Currently, the Company extensively develops digital transformation systems for various organizations, choosing software that supports work and developing systems in line with customer needs. The customer base includes groups from Banking and Finance, Retail, Enterprise, and government sector projects.

The Company's Recurring Revenue consists of income from maintenance services, software licensing sales, and IT personnel outsource services.

The Company does not have any borrowed funds. The interest-bearing debt found in the financial statements is related to lease liabilities for office space, in accordance with the Thai Financial Reporting Standard (TFRS) 16 accounting recording.

The Company has experienced continuous growth due to increasing demand for IT services in the market and by providing quality services with skilled personnel, delivering quality work on time. This has led to repeat purchases from existing customers and also new sales from referrals by existing customers. Additionally, the Company has seen a continual increase in its proportion of Recurring Income. This, coupled with the Thai government's national policies and plans for digital development for the economy and society, which set the direction for sustainable country development using digital technology, has led many organizations to start adapting and increasing their Digital Transformation efforts.

Referring to research from Gartner, Inc., a leading global research and advisory firm, IT spending in Thailand in 2022 is estimated at 890 billion baht, an increase of 4.4% compared to 2021. For 2023, Gartner forecasts that IT spending in Thailand will be valued at 930 billion baht, an increase of 4.2% from 2022, as reflected in the table below. This shows an increasing market demand for IT.

With the Company's professional and high-quality services, which focus primarily on consultation and understanding the needs of customers, clients continue to use our services. However, the demand for services from our company in the industry remains high and is continuously increasing. Therefore, the company plans to expand and develop its team to efficiently meet customer needs, ensuring comprehensive and timely service and maintenance. Furthermore, the company pays close attention to maintaining customer confidence and promoting continuous service use. If customer demand increases further, the company is prepared to enhance its resources to effectively support long-term customer needs and grow continuously alongside them.