SINGAPORE, Jan. 21,
2025 /PRNewswire/ -- Ascentium, a leading
global business services platform headquartered in Singapore and backed by Hillhouse
Investment, has announced the acquisition of
Virtuzone, the UAE's leading and award-winning
provider of company formation solutions, corporate services, and
tax consultancy. This strategic move signifies Ascentium's
entry into the dynamic Middle East
markets, leveraging Virtuzone's expertise and local presence to tap
into emerging opportunities in the region.
The acquisition of Virtuzone—which includes Virtuzone's sister
companies, Taxready.ae, Next Generation Equity and
MAKTABI—positions Ascentium to establish a robust foothold in the
United Arab Emirates (UAE) and
extend the potential reach across the Gulf Cooperation Council
(GCC) region. With foreign direct investment (FDI) inflows in the
UAE soaring to USD 30.6 billion in
2023 and the Middle East's GDP
growth projected to reach 3.9% in 2025, this acquisition aligns
with Ascentium's growth strategy in strategic markets.
Lennard Yong, Founding
Management and Group CEO of Ascentium, remarked, "We are
pleased to expand in the GCC through the acquisition of Virtuzone,
and we welcome them to the Ascentium group. Their expertise and
commitment to excellence will bolster our organisation and drive us
towards our strategic goals. Virtuzone's strong presence in the
Middle East complements our
existing capabilities, and together, we look forward to achieving
new milestones and delivering exceptional value to our global
clientele."
Neil Petch, Chairman and
Co-founder of Virtuzone, commented, "As global leaders in the
corporate services industry, Ascentium embodies the core values
that Virtuzone has upheld over the years, empowering businesses and
delivering customer-centric solutions, transformative innovation,
and unrivalled service excellence. By combining their business
acumen with our local market leadership and expertise, I believe
this new era will bring significantly greater value to our clients,
partners and the communities that we serve."
George Hojeige, Group CEO of Virtuzone, shared, "We are
excited to join the Ascentium family, where our shared values and
vision will drive us towards even greater success. The
opportunities ahead for Virtuzone within Ascentium are truly
promising, especially in expanding our reach in the Asia-Pacific region. Ascentium's global
network and expertise will enrich our service offerings and allow
us to deliver tailored solutions to our clients, further
solidifying our position as a leader in the corporate solutions
sector."
Founded by Zhang
Lei in 2005 with initial investor capital from the
Yale University Endowment, Hillhouse is
a leading diversified asset manager with strategies across
equities, credit, and real assets. The firm manages capital for
global institutions, including non-profit foundations, endowments,
and pensions and has a proven track record of completing large
complex transactions across more than 30 countries.
In line with the acquisition, Ascentium will provide additional
resources to Virtuzone, enabling the Dubai-based company to expand its suite of
corporate services, strengthen its local presence, and serve as a
catalyst for Ascentium's expansion into the Middle East.
About Ascentium
Ascentium is a leading global business services platform
dedicated to helping businesses scale greater heights.
Headquartered in Singapore and
backed by Hillhouse Investment, we empower extraordinary growth
through specialised expertise across secretarial, finance, payroll,
HR administration, family office, fund administration, GRC, and
cross-border & FDI specialist services. Our team of 1,500
professionals spans 9 markets in the Asia-Pacific region, serving over 20,000
active clients across diverse industries. Through innovative,
technology-enabled solutions and collaborative approach,
Ascentium drives transformative growth, helping clients
navigate complex global environments.
For more information, visit: ascentium.com
About Virtuzone
Virtuzone is the UAE's first and largest company formation
specialist and an award-winning corporate service provider.
Established in 2009, we have set up the companies of more than
80,000 entrepreneurs from 180 countries.
With over 250 staff members speaking 40 languages, we provide
end-to-end company formation and corporate services, ranging from
trade licensing and visa processing to bank account opening, tax
consultancy, compliance, accounting, legal services, and more.
We are part of Virtugroup, a Dubai-based holding company that comprises
Taxready.ae, an FTA-certified tax and accounting firm; Next
Generation Equity, which offers citizenship and
residency-by-investment programmes; and MAKTABI, a world-class
business centre located in the heart of Dubai.
About Hillhouse
Hillhouse Investment is a long-term investor focused on
partnering with quality business leaders to help them grow their
organizations globally. For almost 20 years, Hillhouse has worked
alongside traditional businesses that have redefined their
industries. Our goal is to establish alignment and build
sustainable, forward-thinking companies that create lasting value
for all stakeholders. Hillhouse is a full life-cycle private equity
firm, investing for the long term across opportunities in the
business services, healthcare, consumer, and industrials sectors.
Operating an integrated platform spanning private equity, credit,
real assets and public equity, the firm manages capital on behalf
of global institutions such as non-profit foundations, endowments,
sovereign wealth funds, and pensions.
Media Contact
Nancy So – Associate Director, Group Marketing,
Ascentium
nancy.so@ascentium.com
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