The all-cash deal is immediately profit-accretive and provides SESAMi with an additional revenue stream as well as an opportunity to strengthen SESAMi's portfolio of businesses. The company also believes that the acquisition has the potential to significantly value-add to existing and potential customers of both SESAMi and MyBiz.
Mr Ong Teck Soon, SESAMi Holding's Chairman and CEO said, "We have been actively exploring various strategic acquisition opportunities to strengthen SESAMi's suite of products and services and enable the Company to provide a more robust business solution to our customers, thereby helping us grow revenue. The acquisition, when completed, is expected to enable us to capture new opportunities within the fast-growing online transactional commerce business in the region and we are confident of the industry's significant long-term growth prospects."
Award-winning MyBiz has emerged as an Asian leader in spend management and strategic sourcing solutions with more than 20 years of experience and expertise in their field. Their proprietary software was awarded the Procurement Consultancy Award in the World Procurement Awards 2019, as well as the "Solution Provider of the Year" in the Asia Pacific Procurement Awards in 2018. Over the years, the company has successfully delivered hundreds of millions of dollars of savings for their industry-leading clients, including companies such as Sembcorp Industries, Westpac Bank, Singapore Airlines, ST Engineering, UOB and Maybank.
SESAMi is Asia's leader and powerhouse in providing trusted solutions for transacting commerce over the Internet for sourcing, procurement, planning and order management. Their clients include organisations in both the public and private sector ranging from industries such as healthcare, aviation, tourism and telecommunications. As the foremost commerce service provider and operator of the leading electronic hub (E-Hub), SESAMi is best positioned to facilitate and provide the advantages and efficiencies of trading online to businesses. Together with MyBiz, SESAMi will bring a fully integrated supply chain solution to corporates and their suppliers in Singapore and Malaysia in a more timely, automated and cost-efficient manner.
Following the acquisition, SESAMi expects to also add to its growing pool of tech talent that will drive innovation in the organisation to better serve its customers. In a constantly-evolving world with customers demanding the highest levels of service and product offerings, we see our people as a vitally important differentiator in staying ahead of the competition, by anticipating and adapting to situational as well as long-term trends in this space. Moving forward, the company will look to integrate financing and payment solutions to make the platform even more holistic and all-encompassing.
Mr Ong added, "MyBiz has been aptly described as the Porsche of procurement - a fast, reliable and technologically advanced platform that we see as being a natural fit to SESAMi, the largest e-procurement platform in Singapore, and a vital piece of the entire jigsaw puzzle to reshape the entire industry to become the gateway for organisations, whether buyer or supplier, to seamlessly interact and transact on a platform that is built with a commitment to enhancing efficiency, accessibility, security and equal opportunity. This acquisition will further accelerate our efforts to develop new and innovative products to capture the fast-growing transactional commerce economy and we are excited to bring even more choice, value and savings to our customers going forward."
About SESAMi ( www.sesami.com )
SESAMi was founded in 1999 by a consortium of large corporates to develop e-sourcing and e-procurement services. Over the years, the company has consolidated its position in the e-procurement sector in Singapore, while expanding into other services like demand aggregation and e-financing. In 2018, SESAMi further expanded its technological capabilities by acquiring Capital Match, a leading lending platform in Singapore focusing on trade finance. Today, SESAMi processes around S$6bn of e-purchase orders and S$2bn of e- invoices annually on its platform with over $225M worth of origination via its e-financing program.
For media enquiries, please contact:
Donny Ong. SESAMi
Email: donny.ong@sesami.com
Derek Yeo / Wayne Koo
Email: derek@waterbrooks.com.sg / wayne.koo@waterbrooks.com.sg
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source https://www.acnnewswire.com/press-release/english/75562/