Acquisition unlocks global markets access
Virtuzone, a UAE-based leader in company formation and corporate services, has been acquired by Ascentium, a Singapore-based global business platform. This acquisition strengthens Virtuzone’s leadership in the UAE while allowing Ascentium to expand into the Gulf Cooperation Council (GCC) region.
Strengthening UAE and Global Presence
Virtuzone’s acquisition includes its sister companies—Taxready.ae, Next Generation Equity, and MAKTABI. Together, the firms will leverage Ascentium’s international network, which spans 25 cities and nine APAC markets, providing clients access to global markets like the Far East and Latin America.
This move aligns with the UAE’s robust foreign direct investment (FDI) inflow of $30.6 billion in 2023 and the Middle East’s projected GDP growth of 3.9% by 2025.
Neil Petch, Virtuzone’s chairman, stated:
“Ascentium embodies the values Virtuzone stands for, including innovation and excellence. Combining their global acumen with our local expertise will enhance client value and expand our impact.”
Enhanced Services and Innovation
Ascentium plans to infuse capital into Virtuzone, broadening its corporate services portfolio. Clients will benefit from advanced AI-powered tools, including Virtuzone’s innovative offerings like:
- TaxGPT: An AI-powered UAE tax assistant.
- ChatVZ: The first business setup AI chatbot.
- SwyftPlan: A business plan builder using OpenAI’s ChatGPT.
Additionally, Ascentium’s backing by Hillhouse Investment, a leading Asian private equity firm managing $100 billion in assets, positions Virtuzone for significant growth.
Leadership Optimism
Lennard Yong, CEO of Ascentium, highlighted the synergy:
“Virtuzone complements our Middle East expansion strategy. Together, we aim to achieve milestones and deliver exceptional value to global clients.”
Virtuzone’s CEO, George Hojeige, emphasized the promising opportunities ahead:
“Joining Ascentium strengthens our vision to expand into Asia-Pacific markets while enhancing tailored client solutions.”
The acquisition of Virtuzone by Ascentium marks a pivotal moment for both firms, combining regional expertise with global networks to deliver enhanced corporate solutions. This partnership paves the way for innovation and expanded services across emerging markets.