07 - 11 - 2018 |
Singapore, 7 November 2018 – SESAMi (Holding) (“SESAMi”), the largest e-procurement platform in Singapore, and Capital Match Holdings (“Capital Match”), the leading invoice financing platform present in Singapore and Hong Kong, have announced they are joining forces through an equity merger. The merger will see a combined entity with pro forma revenues of more than S$20m and profitable on an EBITDA basis.
For the past 2 years, the two companies have discussed different ways of cooperation and earlier this year, they decided that a merger is the most promising way forward.
Ong Teck Soon, CEO of SESAMi, said, “Over the past 20 years, we have firmly established our presence as Singapore’s largest e-sourcing and e-procurement solution provider to corporates and their suppliers serving some of the most prominent companies in Singapore such as Singtel, Singapore Airlines, National University of Singapore and National Healthcare Group, among others. We decided to go ahead with Capital Match as the most innovative and trustworthy platform in Singapore to develop a new financing offer to our large trading community.”
Together the companies will bring a fully integrated supply chain financing solution to corporates and their suppliers being able to provide B2B financing in a more timely, automated and cost-efficient manner.
Pawel Kuznicki, CEO of Capital Match, said, “This will be a unique value proposition that few companies globally, and none in Southeast Asia, offer. We aim to revolutionize the way the financing to B2B businesses is done. We cannot think of a better partner than SESAMi to accomplish it with their complementary suite of services, unparalleled network and experience, and a great team.”
After an initial roll out in Singapore, the combined entity plans to expand the integrated product to other countries in Southeast Asia through greenfield development, partnerships and / or acquisitions.
As a part of the transaction, a number of current and new shareholders have invested in the newly combined entity. Among others, Dymon Asia Ventures increased their stake, while OSK Ventures International Berhad became a new significant shareholder.
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. Today SESAMi processes around S$6bn of e-purchase orders and S$2bn of e-invoices annually on its platform, and facilitates a fuel discount program in partnership with a fuel retailer.
Capital Match was founded in 2014 as a peer-to-peer lending platform but over the years has evolved to primarily focus on invoice financing services. Since its inception, the company has facilitated more than S$100m in financing from retail, accredited and institutional investors to SMEs in Singapore and Hong Kong. Capital Match has fundraised in total more than S$5m in equity from investors including a number of established VCs such as Dymon Asia Ventures and B Capital Group.Media contact
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