SINGAPORE: Singapore-based Procurri Corporation Limited announced that private equity firm Novo Tellus, which specializes in industrial and technology investments in Southeast Asia, will become its largest shareholder.
“We are pleased to partner with Novo Tellus for the next arc of our growth as a global company,” said Procurri’s Chairman and Global CEO Sean Murphy. “Novo Tellus specializes in making investments in rising stars based in Southeast Asia and serving global markets. With their record of close and successful partnerships with management teams to grow companies globally, we are excited to have Novo Tellus as our new investment partner.”
Following a Put-Call Agreement signed and announced on 15 February 2019, Novo Tellus PE Fund 2, L.P. and its co-investor A.C.T Holdings Pte Ltd have exercised their respective call options to acquire a total of 36.319 million shares.
The transaction is expected to close on March 21, 2019, and the Investor Group will own 29.6% of the company’s issued shares.
While signing the definitive investment commitments, Novo Tellus Managing Partner Loke Wai San said, “We are believers in the capabilities of Southeast Asia’s technology and industrials sector, and Procurri possesses many of the qualities we look for in high-potential companies. Sean and hisco-founders have built a profitable global company with S$200 million in turnover in just over 6 years by starting with a clear vision for the future of enterprise IT infrastructure, and then applying their decades of sector experience to build a platform capable of serving the highest valued channels and enterprise customers worldwide”.
“Today, Procurri helps some of the largest IT channels and enterprise customers save IT costs, extend the lifespan of IT investments, and migrate securely to future cloud architectures. The combination of a clear strategic vision, a large global growth market, and a management team with deep sector experience, provides strong fundamentals for us to invest behind long-term equity growth at Procurri. We look forward to working with the management to support Procurri’s strong growth momentum, while also providing additional focus on driving operating synergies in the Company’s global business infrastructure and along-term focused investor base.”
Procurri Global President Ed Flachbarth said, “We have spent the last 6 years building Procurri’s vision of delivering solutions across the IT lifecycle to the largest channels and enterprise customers around the world. We now have world-class capabilities in third party maintenance, strategic asset disposition, hardware resale, and related services. We already have top-tier customers and good growth momentum in the US and Europe. As a Singapore-based company we are well-positioned to capitalize on the coming wave of data centre and cloud computing spend in Asia”.