What’s Next for Virtuzone After Being Acquired by Ascentium?
Virtuzone, a leading company in the UAE for business setup and corporate services, was just acquired by Ascentium, a Singapore-based business services platform. Ascentium already supports over 20,000 clients across 25 cities in the Asia-Pacific region, and this move helps them establish a strong foothold in the UAE and tap into emerging markets in the Gulf region.
The acquisition includes Virtuzone’s sister companies, such as Taxready.ae, Next Generation Equity, and MAKTABI. This deal is seen as a way to solidify Virtuzone's leadership in the UAE and give Ascentium a way to expand into the Middle East. It's a significant move, especially considering the region's growth potential—with UAE foreign direct investment inflows reaching USD 30.6 billion in 2023 and the Middle East’s GDP expected to grow by 3.9 percent by 2025.
Neil Petch, Virtuzone's Chairman and Co-founder, emphasised that Ascentium shares the same core values as Virtuzone, including a focus on customer-centric solutions and innovation. He sees this partnership as an opportunity to deliver even greater value to their clients and communities.
For Virtuzone clients, this is a big win because they now have the opportunity to scale their businesses globally and access new markets like the Far East and Latin America. They’ll also benefit from AI-powered tools that will help streamline their processes, improve productivity, and enhance customer satisfaction.
On the other side, Lennard Yong, the CEO of Ascentium, said they’re excited to enter the GCC market through Virtuzone, which will strengthen their global portfolio. The acquisition, backed by Hillhouse Investment, a major private equity firm managing USD 100 billion, gives Virtuzone the capital and resources to expand its local operations and explore new opportunities in the Middle East.
The deal positions Virtuzone as a springboard for Ascentium’s growth from Asia to the Middle East. Virtuzone has already been at the forefront of innovation, having launched several AI-driven tools for businesses like TaxGPT and ChatVZ, which are helping companies navigate corporate taxes and business setup in the UAE.
George Hojeige, Virtuzone’s CEO, is optimistic about the future, seeing the Ascentium partnership as a great way to expand their offerings and reach. He believes it will enhance Virtuzone's position as a leader in the corporate solutions sector, especially with the backing of a global network like Ascentium's.
