VE Capital Asia acquires 3 home-grown Singapore tech firms for $37m

Singapore-based technology and management consulting firm VE Capital Asia announced that it has acquired Web Imp, Cashapon, and TechVenture Pursuit (TVP) for $37 million in a race to bolster its technological capabilities.

The acquisition of the three rising home-grown Singapore technology firms will strengthen VE Capital Asia’s offerings by enhancing its ecosystem alongside its four business verticals and will increase its revenue by $11 million, the firm said.

One of the fastest-growing management consulting and deep technology solution and service organisations in Asia, VE Capital Asia sets itself up to be a one-stop integrated solutions provider, with plans for regional growth with at least five more acquisitions by the end of the year.

In May 2021, VE Capital Asia made its first acquisition – Web Imp, a Singapore-based firm that guides businesses in enabling digital transformation through UX/UI design, web and mobile development, and digital marketing campaigns.

Since its inception in 2014, Web Imp has achieved a number of awards including Singapore’s Outstanding Enterprise Award in 2015, the Luminary Singapore Enterprise Awards in 2016, and the Best Tech Company to Work for Award in 2019.

Cashapon Pte Ltd and TechVenture Pursuit were acquisitions made in August, aimed to strengthen VE Capital in the area of Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IOT) automation.

Cashapon is a Singapore-based firm that acquires and elevates brands in the retail e-commerce market using AI and ML technology. Cashapon has further plans to expand their solutions to serve an increasing number of clientele for the rest of 2021 and beyond.

“As enterprises rush to digitise and stay relevant in light of this pandemic, VE Capital Asia is on track to establish itself as a trusted one-stop tech integrated solutions provider through the recent acquisitions,” said June Yong, the company’s CEO.

Yong added that the firm is currently undergoing negotiations to acquire a number of deep tech firms in the region to help companies make a smooth and cost-efficient transition into the new normal.