Top 5 Cross-Border Acquisitions To Eye for in 2023

The tally of recognized startups and acquisitions, burgeoning to 84,012 in 2022 from a mere 452 in 2016, is a testament to the positive impact of investment incentives and simplified business regulations, as highlighted by the Economic Survey 2022-23. As we embrace 2023, the Southeast Asian startup landscape is abuzz with anticipation surrounding cross-border acquisitions to shape the upcoming year. These strategic collaborations, extending beyond geographical confines, carry the potential to redefine industries and fuel growth.

In this article, we spotlight top five cross-border acquisitions that demand attention, each holding the pledge of reshaping the entrepreneurial panorama of Southeast Asia.

Utu’s Strategic Acquisition of CardsPal

Utu, the Singapore-based travel technology company, secured $33 million in a Series B funding round led by SC Ventures in June. This influx of capital strenghtens Utu’s expansion endeavors, a notable highlight being its recent acquisition of CardsPal, a fintech firm based in Singapore focusing on personalized deals and promotions. Despite the pandemic-induced downturn in travel, Utu has strategically formed alliances across the travel, hospitality, and retail sectors, fostering partnerships with prominent brands and hotel chains.

By strategically collaborating with key players in the airline industry like Emirates, Singapore Airlines, and others, as well as forging partnerships with hospitality heavyweight Accor, Utu places itself as a transformative force in the travel sector.

In Southeast Asia’s evolving startup landscape, Utu’s acquisition of CardsPal stands as a testament to the dynamic shifts within the region’s travel and fintech sectors.

TBS Energi Utama’s Leap into Medical Waste Management

Indonesian coal mining company TBS Energi Utama Tbk (TOBA) recently acquired Asia Medical Enviro Services, a trailblazing medical waste treatment startup based in Singapore. Executed through one of TOBA’s subsidiaries, this strategic move helps TBS Energi Utama beyond its coal mining roots, aligning with the broader trend of Southeast Asian startups expanding their horizons.

Asia Medical Enviro Services, renowned for its innovative biohazardous and medical waste treatment solutions, is now a wholly-owned subsidiary of TBS Energi Utama.

The acquisition serves as a conduit for TBS Energi Utama to foray into the burgeoning medical waste management sector, capitalizing on shared business objectives and growth trajectories with Asia Medical Enviro Services.

As both entities set their sights on regional expansion within the APAC landscape, the financial intricacies of the transaction remain undisclosed, encapsulating the strategic confidentiality that often accompanies such transformative cross-border acquisitions.

Ares Management’s Strategic Acquisition of Crescent Point Capital

In June, U.S.-based alternative investment powerhouse Ares Management Corporation (NYSE: ARES) extended its global reach by acquiring Singapore’s renowned private equity firm, Crescent Point Capital (CPC). With this deal, Ares Management steps into the heart of Asia’s private equity landscape, acquiring full ownership of CPC. This influential player manages a substantial portfolio of approximately $3.8 billion as of March 31, 2023.

While specific financial terms remain undisclosed, Ares Management Corporation emphasizes the strategic significance of the acquisition.

The acquisition leverages promising investment prospects in Southeast Asia and China, aligned with the overarching theme of cross-border acquisitions shaping the trajectory of the Southeast Asian startup ecosystem.

Crescent Point Capital’s presence, spanning key countries including China, Indonesia, the Philippines, and Vietnam, showcases its expertise in navigating these vibrant markets.

The integration is set to usher in a new phase of collaborative growth, reinforcing Ares’ global standing and offering Crescent Point Capital amplified regional capabilities.

Bain & Company’s Endeavor with Rainmaking APAC Acquisition

In July, global management consulting firm Bain & Company acquired Rainmaking’s Asia-Pacific division. This heralds a collaborative endeavor to enhance innovation capabilities across the region, propelling new ventures’ successful launch and expansion.

Rainmaking APAC, established in 2017, is a pivotal player dedicated to igniting startups’ launch, growth, and scalability journey. The company’s distinctive approach revolves around co-founding startups alongside corporate partners and visionary founders while also nurturing Series A+ startups through scaling and expansion efforts.

The Sandbox’s Enrichment via Sviper Acquisition

The recent acquisition of Sviper has transformative advancements for The Sandbox as it strengthens its global team with an infusion of development and engineering.

The partnership between The Sandbox and Sviper is expected to empower creators with various new possibilities, accentuating social features, multiplayer gameplay options, and innovative Game Maker capabilities.

Led by CEO Ole Schaper and CPO Mark Buchholz, the Sviper leadership team’s extensive experience in mobile, PC, and multiplayer gaming adds a dimension of expertise that aligns seamlessly with The Sandbox’s ambitions.

In its characteristic manner, the startup ecosystem persists in evolving and challenging established norms. Long-awaited transformative technologies, such as advanced AI applications, are finally taking center stage, impacting how startups conceive and construct their ventures.

Also Read:

• Indonesia’s TBS Energi Acquires Singapore’s Medical Waste Treatment Firm
• Authenticity is your core strength – Fujin Tree Group Founder Jay Wu talks about taking local brands overseas
• Unlocking the Future of Semiconductors: Uniqconn Inc. CEO Kim Young-dong Speaks Out
• MFast Secures $6 Million in Series A Funding to Expand Financial Access Across Vietnam