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Singapore-based business consulting company Ascentium fully acquired Dubai-headquartered business setup and corporate services provider Virtuzone along with its subsidiaries Taxready, Next Generation Equity, and Maktabi, according to a joint statement. The value of the transaction was not disclosed.
The pitch: The transaction aims to capitalize on the “UAE’s foreign direct investment (FDI) inflows reaching USD 30.6 bn in 2023 and the Middle East’s GDP sustaining its pace to hit 3.9% [growth] in 2025,” the statement reads. The acquisition, which marks Ascentium’s entry into GCC markets, aims to help the firms “strengthen their presence in fast-growing markets” both within and beyond the region. “Ascentium's global network and expertise will enrich our service offerings both in activities and in regions covered,” Group CEO of Virtuzone George Hojeige said.
Virtuzone’s clients and partners will now have access to international growth and scaling potential, tapping into new markets including the Far East and Latin America, according to the statement. They will also benefit from improved compliance with global business regulations and access to advanced AI-driven tools that streamline operations, increase efficiency, and elevate customer experience and loyalty, the statement said.
Virtuzeon offers AI-powered tools to simplify business setup processes. These include TaxGPT, the UAE’s first corporate tax assistant powered by AI; ChatVZ, an AI chatbot for setting up a business here, and SwyftPlan, a business plan-making tool using OpenAI’s ChatGPT.
ICYMI- Last April, Virtuzone partnered with blockchain startup Mantra to launch a new incubation program for Web3 startups aiming to accelerate the real-world asset tokenization sector in the MENA region. It offers five selected projects with financial support — including a seed investment of USD 100 mn each from Mantra founder and CEO John Patrick Mullin — in addition to infrastructure, licensing, banking, and administrative services.
Ascentium supports over 20k active clients across some 25 cities and nine markets in the Asia-Pacific region. It is backed by Hillhouse Investment, a global private equity firm with USD 100 bn in assets under management (AUM) and offices in Singapore, Hong Kong, Beijing and Shanghai, New York City and London.
