ApexPeak — a Singapore-headquartered FinTech company — has acquired supply chain finance and collaboration solutions provider ASYX.
ASYX, with offices in Netherlands and Indonesia, provides a secure web-based supply chain finance platform for local and global clients in 12 countries.
According to a joint press release, the acquisition will provide ASYX with financial resources to bolster its existing capabilities and invest for future growth. ApexPeak, on the other hand, will gain a financial services platform with a growing network of worldwide buyers, sellers, suppliers, and distributors.
Since the 2008 financial crisis, banks have been more cautious about providing business loans to small and medium-sized enterprises (SMEs). Understanding this, ApexPeak offers cash-flow solutions to SMEs to enable them to better manage their financial resources to execute their business plans.
Even though ASYX's technology will be integrated into ApexPeak's solutions to offer customers with an enhanced service offering, ASYX will remain a distinct brand, and its management and technical team will remain in place.
The two companies will also be working together to identify new opportunities, and work with banks and corporates to finance and enable the whole supply chain.
"By providing businesses with access to smart capital, we want to be that third option for decision makers, alongside bank loans and credit cards, helping them unlock their growth potential," said ApexPeak CEO Gakim Solomons.
This acquisition is ApexPeak's second acquisition for the year. It recently acquired Dubai-based Cashnomix, a proprietary cloud-based credit scoring engine that takes a data-driven approach to indicate success or failure as the primary credit criteria for approving a deal. According to Solomons, the acquisitions are helping the company "move closer to solving the procure-to-pay finance puzzle."
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