InFocus Group Cuts Costs by Spinning Out Thai Unit to Focus on AI and US Gaming
InFocus Group (ASX: IFG) restructures for a leaner, AI-native future
InFocus Group Holdings Limited (ASX: IFG) has announced an operational restructure of its Thai enterprise operations, consolidating software and platform development under the Onify brand in a cash-neutral transaction that returns subsidiary Prodigy9 to its founder, Chakrit Wichian. The restructure is expected to deliver an immediate and material reduction in operating costs, with the full financial impact, including office consolidation, anticipated within three months. Blue-chip client relationships with Chubb Life, Thai Union, and The Mall Group are retained under Onify, as are all iGaming and digital assets clients, while growth ventures Codexa and InFocus Digital Ventures remain unaffected.
Chief Executive Officer Ken Tovich
“This is a more focused, more capital-efficient IFG.”
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What the restructure actually involves
Prodigy9 returned to its founder in a cash-neutral deal
IFG acquired Prodigy9 Co. Ltd from Wichian and other vendors in February 2025, subsequently operating it alongside its existing Thai subsidiary, Onify Co. Ltd, with both entities performing similar enterprise software development and consulting work. The two parallel structures have become economically redundant in an AI-native environment, prompting the decision to consolidate.
Under the agreed transaction, 100% of the issued capital of Prodigy9 transfers to Chakrit Wichian, Prodigy9’s founder and current CEO. The consideration is the buyback and cancellation of 4,500,000 IFG ordinary shares held by Wichian for nominal consideration of AUD $1.00, plus the cancellation of his Performance Rights, which the announcement notes would have become incapable of being met following the transaction in any case.
Critically, Wichian assumes all liabilities and costs of Prodigy9 with effect backdated to 1 June 2026, irrespective of the formal settlement date. This structure immediately removes Prodigy9’s cost base from IFG’s consolidated results without requiring any cash outlay from the company. The sunset date for the transaction is 31 July 2026.
The Board explicitly evaluated a direct wind-down of Prodigy9 as an alternative. That path would have required IFG to fund significant upfront cash outflows, including employee severance payments under Thai labour law, making the Wichian transaction structure materially superior for shareholders.
What stays inside IFG
Retained by IFG under Onify:
- Senior engineers and delivery leads drawn from both Onify and Prodigy9 teams
- Chubb Life (subsidiary of Chubb Limited, NYSE: CB)
- Thai Union and The Mall Group
- All iGaming and digital assets clients, including GBO Assets and TG Consulting
Transferring to Prodigy9 and Wichian:
- The IRCP contract (reference ASX announcement, 18 March 2026) and several non-material projects
- Full cost responsibility for Prodigy9 operations from 1 June 2026
| Term | Detail | Effective Date | Impact on IFG |
|---|---|---|---|
| Asset transferred | 100% of the issued capital of Prodigy9 Co. Ltd | Settlement (by 31 July 2026) | Prodigy9 exits IFG consolidated group |
| Acquirer | Chakrit Wichian (founder and current CEO of Prodigy9) | Settlement | No cash consideration flows to or from IFG |
| Consideration | Buyback and cancellation of 4,500,000 IFG ordinary shares plus cancellation of Performance Rights, for nominal consideration of AUD $1.00 | Subject to shareholder and regulatory approval | Non-dilutive share count reduction if approved |
| Liability assumption | Wichian assumes all Prodigy9 liabilities and fully indemnifies IFG | Backdated to 1 June 2026 | Immediate removal of Prodigy9 cost base from consolidated results |
| Share buyback | Subject to shareholder and regulatory approval; if approvals not obtained within 12 months, IFG forfeits the right to buy back the shares | To be sought by IFG post-settlement | Potential reduction of 4,500,000 ordinary shares on issue |
| Sunset date | Transaction must complete by 31 July 2026 | 31 July 2026 | Provides transaction certainty within a defined timeframe |
Why AI is driving a structural shift in software delivery
AI-native engineering workflows refer to software development environments where AI-assisted tooling handles lower-order tasks such as code generation, automated testing, and debugging. The practical effect is that development cycles compress significantly, and smaller, more senior teams can deliver output that previously required larger headcounts.
This changes the underlying cost structure of software businesses. Fewer junior developers are needed at each stage of a project, and leaner teams structured around architecture and complex delivery become competitive advantages rather than operational constraints. The shift is industry-wide, driven by the rapid advancement and adoption of AI tooling across global software markets.
For IFG, this backdrop made running two parallel software development entities in Thailand increasingly difficult to justify economically. Consolidating into a single senior Onify team is a direct response to these changed fundamentals, not a company-specific event, but part of a broader reconfiguration occurring across the global software industry.
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Sharpened focus on highest-value growth opportunities
Codexa enters US commercial launch
Codexa is IFG’s proprietary sweepstakes casino platform, built entirely in-house and featuring blockchain-verified fairness, AI-driven personalisation, and a proprietary game engine. The platform is live and entering US commercial launch.
The target market is the US sweepstakes segment, which is estimated to exceed US$10 billion in gross player spend and is growing at approximately 40% year-on-year, according to KPMG (June 2025). IFG is pursuing a dual-track commercialisation strategy comprising white-label licensing to third-party operators, alongside engagement with potential acquirers of the Codexa platform or the iGaming business unit, as well as the potential for revenue from Codexa’s US commercial trial under an IFG-owned brand.
Digital assets backed by AUD $2.5 million in financing
InFocus Digital Ventures applies IFG’s software engineering, fintech, and data intelligence capabilities to blockchain-based products and services. The venture is backed by AUD $2.5 million in financing from Southeast Asia’s Mythos Group. Following the restructure, the leaner Onify team continues to support both growth ventures across complex delivery, AI and ML implementation, and data intelligence work.
What to watch for next:
- Formal completion of the Prodigy9 divestment and employee novation to Onify, expected within three months
- The software and platform business reaching cash generative status for the first time
- Shareholder approval for the 4,500,000 share buyback and cancellation
- Codexa US commercial trial results and white-label licensing progress
- A market update on restructure completion
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