The robotics service business Ourglass was purchased for SG $13 million (US $9.5 million) by VE Capital Asia, a Singapore-based management consulting and deep-tech solution and service organisation.
Coobiz IT Solutions, a provider of point-of-sale (POS) systems, and Arcana Advisory, a business management and consulting organisation, are the other two companies. All three companies are based in Singapore.
The new deals follow VE Capital’s purchase of three additional firms for $37 million in October. These add up to a total estimated acquisition value of $46.5 million in 2021.
VE Capital Asia hopes to strengthen its major business sectors of management consulting, IoT and automation, software houses, artificial intelligence, and machine learning with the latest purchases.
Ourglass, which was founded in 2018, delivers robotic technology to a variety of industries, including food and beverage and retail malls. Delivery robots, eat and discover waiter robots, plate return robots, and customer support staff robots are among the company’s products.
The acquisition of Ourglass Robotics will help VE Capital Asia’s retail and food and beverage partners and clients adopt robotic solutions in their businesses.
According to a news release, Ourglass, together with Coobiz IT Solutions, a 15-year-old POS system provider, will strengthen VE Capital’s POS products, as well as its IoT and automation capabilities.
At the same time, Arcana Advisory will expand the purchasing company’s management consulting division, and Coobiz IT Solutions will aid it in assisting additional local businesses to go digital.
VE Capital claims that their sales increased by 5,000% last year.
