International Research Corporation

What International Research Corporation does

International Research Corporation Public Company Limited (IRCP; ticker: bkk:IRCP) is a Bangkok-based Thai ICT services company founded on August 29, 1986, and listed on the Stock Exchange of Thailand. It began by developing Thai-language display cards for personal computers, achieving over 80% market share in that niche for 31 years, and in 1990 entered a strategic partnership with Microsoft to extend Thai-language support to DOS, Windows 95/98, and Windows NT — becoming Microsoft's sole software reproduction partner in Thailand. After 37+ years the company has repositioned as a diversified ICT solutions provider spanning network infrastructure design and installation, IT equipment distribution, software development and licensing, repair and maintenance services, telecommunications infrastructure (via the Singha Com Inter Group joint venture), and digital broadcasting services. Earlier forays into cloud services (IRCP Cloud Services, closed 2018), healthcare IT (HRCP, sold 2016), and IT consulting (INEC) were all subsequently divested or wound down.

IRCP operates a sales-led go-to-market centered on direct sales and public-sector bidding, targeting Thai government ministries, state enterprises, and media organizations. Named customers include the Office of the Prime Minister, Ministry of Labour, EXAT, EGAT, PEA, ThailandPost, TOT, MCOT HD, RTN, and ThaiPBS. Revenue mechanics span one-time hardware and licensing sales, project-based multi-year enterprise and government contracts, maintenance and professional services, and a recurring rental line for product sorting systems and handheld computers. Distribution is single-country (Thailand) and delivered through direct sales teams plus IT-equipment reseller subsidiaries. Marketing is largely relationship-driven, supported by a corporate website, a Facebook corporate page, and an investor relations function.

The capital structure has undergone significant restructuring in recent years. In 2021 the company reduced registered capital by THB 66.24 million, transferred THB 142.58 million of reserves and share premium against accumulated losses, cut par value from THB 1.00 to THB 0.50, and then raised THB 90.63 million via a rights offering. In 2022 it issued up to THB 300 million in convertible bonds to Advance Opportunities Fund and AO Fund I, with THB 162 million subsequently converted into 144.4 million new shares. Ownership remains distributed among existing Thai shareholders and these institutional investors, with no parent company.

Name

International Research Corporation

Legal name

บริษัท อินเตอร์เนชั่นแนล รีเสริช คอร์ปอเรชั่น จำกัด (มหาชน)

Website

https://ircp.co.th

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

International Research Corporation Public Company Limited (IRCP) is a Thai public ICT services firm that designs network infrastructure and provides IT equipment distribution, software, and telecom infrastructure services primarily to Thai government ministries and state enterprises via project-based contracts.

Ownership category

akta.pro rank

Product category

IT System Integration

NAICS

Computer Systems Design and Related Services (54151), Computer Systems Design Services (541512)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

ERP Implementation & Systems Integration Services (BPAEAGAA)

akta.pro secondary industry

ERP, CRM & Enterprise Applications Consulting (BPAHAEAI)

Keywords

• IT system integration
• Network infrastructure services
• Software development services
• IT equipment distribution
• Cloud computing services

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Network Infrastructure Design and Installation: Design and installation of complete information and communication technology equipment. Provides network infrastructure solutions to distribute ICT equipment.
2. IT Equipment Distribution: Distribution of IT products and peripherals through subsidiaries like IT Distribution Co., Ltd. and IT Green Plc.
3. Software Development and Licensing: Development and licensing of software solutions including Thai language systems, enterprise software, and custom applications.
4. Product Sorting Systems Rental: Rental services for product sorting systems, handheld computers used for transporting goods.
5. Maintenance and Repair Services: Providing repair and maintenance services for IT systems equipment to customers.
6. Cloud Services (Subscription): Previously operated IRCP Cloud Services offering localized SaaS solutions on subscription basis. Now discontinued.
7. Telecommunications Services: Telecom services through subsidiaries including TV Telecom Co., Ltd. (formerly Sabuy Integration Co., Ltd.) providing telecom infrastructure services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

International Research Corporation (IRCP) is a Thai ICT system integrator that designs and deploys network infrastructure for enterprise and government clients, distributes IT hardware/software through its subsidiaries, develops custom software including Thai-language computing systems, and provides ongoing maintenance and support. Beyond integration, the company also rents sorting/automation systems to business customers and historically offered cloud computing services.

Product overview

International Research Corporation (IRCP) is a Thai IT services company that evolved from Thai language card development (achieving 80%+ market share) into a comprehensive ICT solutions provider. The company operates through multiple subsidiaries offering network infrastructure design and installation, IT distribution, software development, cloud services, healthcare IT, telecommunications infrastructure, and digital broadcasting services. Core offerings include network infrastructure services, sorting systems with handheld computer rentals, and IT maintenance services. The company follows a diversified business model to avoid reliance on any single business line, maintaining stable financial performance with consistent dividend payments.

Differentiator

Problem solved

Functional benefit

Products and services

• Network Infrastructure System Integration Design, deployment, and turnkey installation of enterprise and government network infrastructure systems for Thai clients needing end-to-end ICT delivery.
• Thai-Language Software and Computing Solutions Custom software development rooted in IRCP's pioneering Thai-language display card technology, supporting Thai-language capabilities in computing environments.
• IT Equipment Distribution Distribution of IT hardware and software products to commercial customers in Thailand through IRCP's distribution-focused subsidiaries.
• Sorting/Automation Systems Rental Rental of sorting and automation systems to enterprise customers requiring operational automation without large capital outlay.
• Hardware and Software Maintenance Services Ongoing maintenance and support services for IT hardware and software deployed at customer sites in Thailand.

Quantifiable outcome

• Over 80% market share in Thai language display cards for 31 years
• +1 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Microsoft CorporationcoreTechnology or Integration · 1 January 1990Strategic partnership established in 1990 for developing Thai language technology for Microsoft operating systems including MS DOS, Windows 95/98, Windows NT Server/Workstation. IRCP was appointed as the sole software reproduction partner for Microsoft in Thailand. This partnership established IRCP as the pioneer in Thai language computing technology.

Scale indicators5 records

Recent moves15 records

Expansion highlights5 records

Direct peers

• SVOA: Thai IT distributor and enterprise solutions provider with similar government/enterprise customer base and IT services offering, making it a direct comparator to IRCP's IT Distribution arm and integration work.
• Synnex (Thailand): Thai IT distribution and enterprise services company — comparable business model of distributing enterprise IT equipment and providing value-added services to Thai government and enterprise customers.
• Forth Corporation: SET-listed Thai technology company with IT solutions and distribution businesses serving government and enterprise customers across telecom, IT and digital infrastructure — overlaps with IRCP's telecom infrastructure and systems integration work.
• SIS Distribution (SiS): SET-listed Thai IT distribution company providing enterprise hardware, software and services to Thai corporates and government — directly comparable distribution + systems-integration profile to IRCP.
• Metro Systems Corporation: Thai IT distributor and systems integrator serving enterprise and government customers with hardware, software and integration services — directly comparable to IRCP's mix of IT distribution (IT Distribution/IT Green) and systems integration.

Peers

• Hewlett Packard Enterprise (Thailand):

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/profile.php?id=100063880220608
• LinkedInlinkedin.com/company/international-research-corporation-public-co-ltd

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about International Research Corporation