Singapore-based Ascentium, a global business services platform, has acquired Virtuzone, the UAE-based provider of company formation solutions, corporate services, and tax consultancy.
The acquisition of Virtuzone – which includes the firm’s sister company, Taxready.ae, Next Generation Equity and MAKTABI – positions Ascentium to establish a foothold in the UAE and extend the potential reach across the Gulf Cooperation Council (GCC) region.
Financial details of the deal were not disclosed.
With foreign direct investment (FDI) inflows in the UAE soaring to $30.6 billion in 2023 and the Middle East’s GDP growth projected to reach 3.9 per cent in 2025, this acquisition aligns with Ascentium’s growth strategy in key markets.
Lennard Yong, Founding Management and Group CEO of Ascentium, commented: “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, said: “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.”
Ascentium will provide additional resources to Virtuzone, enabling the Dubai-based company to expand its suite of corporate services, and serve as a catalyst for Ascentium’s expansion into the Middle East.
George Hojeige, Group CEO of Virtuzone, added: “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.”
Ascentium has a team of 1,500 professionals spanning nine markets in the Asia-Pacific region and serving over 20,000 active clients across diverse industries. Backed by Hillhouse Investment, it provides specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services.
Virtuzone is the UAE’s first and largest company formation specialist. Established in 2009, it has helped set up companies of more than 80,000 entrepreneurs from 180 countries.
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