SINGAPORE-headquartered fintech (financial services technology) startup ApexPeak said it has acquired Netherlands-based supply chain finance and collaboration solutions provider ASYX. Acquisition terms were not disclosed.
ApexPeak, founded in 2012, offers working capital solutions to high-growth SMEs (small and medium enterprises) in emerging markets, providing cash flow solutions to businesses that are underserved by banks, it said in a statement.
ASYX, with offices in Netherlands and Indonesia, provides a secure web-based supply chain finance platform, serving both local and global clients in 12 countries.
The acquisition provides ASYX with long-term financial backing to support its expanding list of customers and partners, while ApexPeak said it gains a state-of-the-art financial services platform with a growing network of worldwide buyers, sellers, suppliers, and distributors.
"Our acquisition of ASYX helps move ApexPeak one step closer to solving the procure-to-pay finance puzzle," said ApexPeak chief executive officer Gakim Solomons.
"This is a remarkable value-add acquisition which positions ApexPeak well for rapid short-term growth as well as creating long-term value for shareholders", he added.
This is ApexPeak's second acquisition. In early 2015, it acquired Dubai-based Cashnomix, a proprietary cloud-based credit scoring engine.
Meanwhile, ASYX will remain a distinct brand, and its management and technical team will remain in place, while working with ApexPeak to integrate its technology and customers into an enhanced service offering.
The teams will also work together to identify new opportunities to work with banks and corporates to finance and enable the whole supply chain, ApexPeak said in its statement.
ASYX will continue to maintain offices in both Netherlands and Jakarta.
"Being part of the ApexPeak family gives us the financial resources to bolster our existing capabilities as well as invest in future product enhancements", said ASYX chief executive officer Roel Elshout.