SG office design firm Space Matrix buys Indian B2B marketplace

Singapore office design firm Space Matrix has acquired Pursuite, an India-based B2B hospitality marketplace, the South China Morning Post reported. The financial details of the deal were not disclosed.

The acquisition will allow Space Matrix to offer a more seamless office design process by leveraging Pursuite’s ecommerce platform. The firm also plans to employ AI and machine learning technology to mine design data and provide insights for its future projects.

Another reason for the acquisition is a rising demand for office redesign solutions from companies across Southeast Asia and India that want to accommodate a more flexible working arrangement as a result of the Covid-19 pandemic. Space Matrix said its global revenue has been growing by more than 50% annually in recent years.

Founded in 2017 by Amit Shukla, Pursuite aims to simplify the business procurement process through its online marketplace. The company has operations across Asia and Europe. More than 1,500 global vendors from Space Matrix will be brought to Pursuite’s platform once the acquisition is complete.

According to the report, Shukla will serve as global chief technology officer of Space Matrix and be responsible for leading the firm’s global technological vision.

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“The process of procuring products and services to build an office is still very archaic and is filled with multiple issues including cost and time unpredictability, quality and consistency of products, price transparency, governance, and even product discovery. Hence, the applicability of a digital procurement platform like Pursuite for the workplace sector is immense,” said Space Matrix CEO Arsh Chaudhry.