VE Capital Asia, a Singapore-based technology and management consulting firm, said it acquired three companies for a total of US$37 million to bolster its tech capabilities.
The company expects the move to bring in US$11 million in additional revenue, according to a statement.
Photo credit: VE Capital Asia
One of the startups acquired is Web Imp, a Singapore-based firm that helps businesses build an online presence through intuitive web and mobile development as well as digital marketing campaigns, among others. The deal was closed in May.
VE Capital Asia followed this up by buying two other startups in August: Cashapon, which acquires and improves upon brands in the retail ecommerce market using deep tech; and TechVenture Pursuit, which is an automation startup that is carving out a niche in enterprise productivity, redesign, and scalable IT solutions.
With these two acquisitions, VE Capital Asia aims to strengthen its capabilities in AI, machine learning, internet of things, and automation.
According to June Yong, CEO of VE Capital Asia, other similar acquisitions are currently in the pipeline. “We are currently undergoing negotiations to acquire a number of deep tech firms in the region with the aim of becoming a leader in this space, helping companies make a smooth and cost efficient transition into the new normal,” he added.
Editing by Collin Furtado and Lorenzo Kyle Subido
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