VE Capital Asia, a Singapore-based management consulting and deep technology solution and service firm, has acquired for a total of S$13 million or about US$9.5 million the three firms Arcana Advisory, Ourglass and Coobiz IT Solutions, as part of efforts to further enhance its technological and management service offerings.
This comes at the heels of the US$37-million acquisition of three other companies, bringing the total approximate acquisition value to US$ 46.5 million in 2021.
VE Capital Asia said these moves helped grow their revenues in 2021 by 5,000%, mainly from the retail, e-commerce and supply chain industries.
Arcana Advisory is a business management and consultancy firm that aims to provide business and corporate financing solutions to Singapore companies. It is expected to further strengthen VE Capital Asia’s management consulting arm to enable more local companies to grow their business.
Also, to further enhance VE Capital’s management and consultancy verticals, a joint venture with ACT & AIT Consulting has been announced alongside the acquisition. This is expected to play a pivotal role in supporting VE Capital to deliver qualitative and quantitative results by reinforcing its business verticals.
Further, the acquisition of Ourglass and Coobiz IT Solutions is intended to solidify VE Capital’s POS (point of sale) offerings, IoT and automation capabilities.
As a Singapore-based service robots provider, Ourglass Robotics provides the latest robotic technology to various sectors such as food and beverage, and shopping malls. It is expected to support VE Capital Asia’s partners and clients in the retail and F&B sector in adopting robotic solutions in their businesses and strengthen the group’s capability to bring more innovative solutions to enterprises.
Coobiz IT Solutions is a POS system vendor in Singapore that helps businesses improve productivity to retail and F&B merchants. With this acquisition, VE Capital Asia will be able to extend its services to a broader industry range and enable more local businesses to go digital.
Along with the latest acquisitions, VE Capital also announced the hiring of two key officers. Joining the board of senior executives are Wilson Ang, former VP of HP and director at IMDA, and Karmjit Singh, former CEO at SATS Airport Services and COO of SATS.