Jaspal Sarai appointed 4DS Managing Director and CEO
4DS Memory Limited (ASX: 4DS) announces the Managing Director and CEO appointment of Mr Jaspal Sarai, effective 9 October 2026, on completion of the acquisition of Jenesys Pty Ltd (Jenesys) announced on 31 August 2026.
Mr Sarai is the founder and CEO of Jenesys, so leadership moves from the acquired business into the combined group. The appointment gives the combined memory and edge-AI strategy a single leader from the point the acquisition completes.
Executive Chairman David McAuliffe commented on the choice:
David McAuliffe, Executive Chairman
“…He is the ideal leader to take 4DS into potential commercial growth, and as a 4DS shareholder his interests are aligned with those of our shareholders.”
When big ASX news breaks, our subscribers know first
Sarai’s 25-year technology track record
Mr Sarai has more than 25 years’ experience building technology businesses and delivering innovative IT solutions. The announcement outlines the following career milestones:
- More than 25 years building technology businesses
- Since 2009: leads Source Central Partners, a Melbourne-based provider of managed IT services, cyber security and application development to the retail, transport, education and government sectors across Australia and New Zealand
- 2014: founded Jaarvis, a technology innovation business with teams in Australia, India and Hong Kong
- Mentored and seed-funded early-stage IoT and fintech companies through the Jaarvis Accelerator in India
- 2022 to November 2025: founding investor in, and strategic adviser to, Akula Tech, an Australian space and defence technology company
At Akula, he worked on strategy, partnerships and commercial engagement. Akula ran a drone-swarm research project with UNSW, supported by Defence Trailblazer, and launched Nexus-01, an AI-enabled hyperspectral satellite, in August 2025.
The background spans defence-adjacent technology, enterprise IT and commercial partnerships, which sits alongside the edge-AI direction the company has described.
Edge-AI strategy behind the leadership change
4DS develops Interface Switching ReRAM, a non-volatile memory technology for AI and compute-intensive applications, protected by 34 US patents. Following the Jenesys acquisition, 4DS combines this with Jenesys’s edge-AI software for autonomous systems.
The binding heads of agreement for the deal sets vendor consideration at $5 million in 4DS shares at $0.01 each, alongside performance rights tied to contracted revenue milestones within 24 and 36 months.
Mr McAuliffe said the acquisition “positions the combined technologies to target new and emerging multi-billion-dollar markets across multiple domains, and it may attract partners and customers with varied technology needs.”
Jaspal Sarai
“Edge-AI is changing how machines detect, decide and work together in defence and in commercial settings. […] we have the opportunity to build a leadership position in this market…”
What is edge-AI and why does memory matter?
Edge-AI refers to artificial intelligence processing done on the device itself rather than in the cloud. Memory technology matters because AI workloads depend on memory to operate.
For investors, the combination of 4DS’s memory technology and Jenesys’s software is the core of the stated investment case.
Key terms of the appointment
The material terms are set out in Annexure A of the announcement. Mr Sarai is engaged as a consultant through Jaarvis Labs Pty Ltd rather than as a direct employee.
| Term | Detail |
|---|---|
| Engagement | Through Jaarvis Labs Pty Ltd (the Consultant), under a consultancy agreement with no fixed term |
| Annual fee | $360,000, plus superannuation guarantee contributions, exclusive of GST |
| Sign-on bonus | $50,000 (exclusive of GST), payable on completion of the Jenesys acquisition |
| STIP | Annual performance-based bonus against KPIs to be agreed between the Board and Mr Sarai |
| Termination | Six months’ written notice by either party, or payment in lieu at the Company’s election |
| Change of control | Payment equal to 6 months’ fee if the Consultant terminates for Good Reason within 12 months of a Change of Control, subject to any required shareholder approval |
- Immediate termination by the Company is possible in certain circumstances, including serious misconduct or material breach.
- Other benefits cover reasonable business expenses, including mobile phone, laptop and travel as per the agreement.
The announcement discloses no equity or option grants. The fee-based structure, a performance bonus tied to KPIs and Mr Sarai’s status as a 4DS shareholder are the alignment features the Chairman pointed to.
What investors can watch next
The appointment is effective on completion of the Jenesys acquisition, and the KPIs for the annual performance-based bonus are yet to be agreed between the Board and Mr Sarai.
Mr Sarai said his focus is “to take these technologies forward with our partners and customers, and to build lasting value for our shareholders.”
Don’t Miss the Next Tech Breakout
Get FREE breaking ASX tech news delivered to your inbox within minutes of release, complete with in-depth analysis. Join 20,000+ investors already staying ahead of the market. Click the “Free Alerts” button at Big News Blast to receive market-moving announcements the moment they break.