SINGAPORE, SG / ACCESS Newswire / October 23, 2026 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde" or the "Company"), a leading technology platform for mobility and quick commerce headquartered in Singapore, today announced that it has entered into a non-binding term sheet with OneT Solutions Pte. Ltd. ("OneT") and its two shareholders in relation to a proposed minority strategic investment in OneT, building on the memorandum of understanding ("MOU") between the companies announced on 12 August 2026.

The proposed investment reflects Ryde's strategy of developing deeper strategic relationships with specialised technology partners that can strengthen the resilience, scalability and security of its platform. As Ryde continues to expand its digital capabilities and technology infrastructure, the Company believes closer alignment with OneT could support its long-term technology roadmap while providing an opportunity to participate in OneT's potential future growth.

Under the non-binding term sheet, Ryde proposes to acquire an initial 10% equity interest in OneT from its two existing shareholders, with consideration comprising a combination of cash and newly issued Ryde Class A ordinary shares. Ryde would also have an option, but not an obligation, to acquire up to an additional 10% interest within nine months following completion of the initial investment, potentially bringing Ryde's total ownership interest to 20%, subject to the proposed transaction terms and applicable limits.

The final valuation of OneT has not been agreed and will be subject to independent valuation and satisfactory due diligence. The proposed investment structure, consideration and other commercial terms remain subject to further negotiation and may be revised as the parties progress towards definitive agreements. Any transaction would also require applicable corporate and regulatory approvals.

Following completion of the initial proposed investment, OneT's existing shareholders would retain a 90% ownership interest, and OneT's management team, led by its Chief Executive Officer, Frank Teh, would continue to manage the business independently.

"Our collaboration with OneT began with a shared focus on cybersecurity and technology resilience. This proposed investment represents a natural progression of that relationship and an opportunity for Ryde to broaden its technology ecosystem. We see potential synergies across cybersecurity, AI and digital infrastructure, while maintaining a disciplined approach to strategic investments and long-term value creation," said a spokesperson of Ryde.

OneT is a Singapore-based technology solutions provider with capabilities spanning cybersecurity, DevSecOps, observability and managed security services, serving enterprises across sectors including financial services and the public sector.

OneT also maintains a strong group of AI Vendors/OEMs for AI Infrastructure, Data Centre and Cyber Security, positioning it strategically for their future growth in these areas. Alongside its established cybersecurity and digital transformation capabilities, OneT has identified data centre infrastructure and AI as key strategic priorities, supporting its expansion into enterprise technology and digital infrastructure solutions.

Through the existing MOU, Ryde and OneT are exploring collaboration in application security, DevSecOps, vulnerability assessment and penetration testing, managed detection and response, security operations and other cybersecurity and technology initiatives.

"We are pleased to take another step forward in our relationship with Ryde. Since signing our MOU, both teams have been exploring opportunities to work more closely across cybersecurity and technology. As OneT continues to strengthen its core cybersecurity and digital transformation capabilities, AI and data centre infrastructure will also be important areas of focus. The proposed investment reflects our shared interest in developing a longer-term strategic relationship while allowing OneT to pursue new growth opportunities and serve its customers independently," said Frank Teh, Chief Executive Officer of OneT Solutions.

The term sheet provides for a 60-day exclusivity period during which the parties intend to undertake due diligence, independent valuation and further negotiations, with a target of executing definitive agreements within 90 days following signing.

Except for specified provisions relating to exclusivity, the outside date, announcements, costs, legal effect and governing law, the term sheet is non-binding. The parties' existing confidentiality agreement remains in effect. The proposed investment remains subject to definitive agreements, applicable conditions and necessary corporate and regulatory approvals. There can be no assurance that definitive agreements will be entered into or that the proposed investment, whether in whole or in part, will be completed.

About Ryde Group Ltd

Ryde is a super mobility app founded in Singapore and recognised as the world's FIRST on-demand carpooling app since 2014. As a publicly listed company on the NYSE American, Ryde is reimagining the way people and goods move around by offering a full suite of services, including carpooling, private hire, taxi, and delivery. What distinguishes Ryde is its commitment to empowering private-hire and taxi partners by taking 0% commission, ensuring that drivers retain more of their hard-earned earnings. For more information, please visit https://rydesharing.com/.

About OneT Solutions Pte. Ltd.

OneT Solutions Pte. Ltd. is a Singapore-based cybersecurity, DevSecOps and observability solutions provider established in 2018. The company delivers cybersecurity services including Managed Security Services, Security Operations Centre (SOC), application security, DevSecOps and observability solutions to enterprises across the financial services and public sectors. For more information, please visit https://www.onet.sg/.

Safe Harbor Statement

This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement.

Contacts

For Media Relations:

Media Team
Ryde Group Ltd
Email: media@rydesharing.com

For Investor Relations:

Investor Relations Team
Ryde Group Ltd
Email: investor@rydesharing.com

SOURCE: Ryde Group