Australia-listed Oracle NetSuite partner JCurve Solutions has taken another step in its efforts to build out its ever-growing Asian presence, this time acquiring the Thai business assets of fellow Oracle NetSuite partner Rapid E-Suite.
Headquartered in California, Rapid E-Suite is an Oracle Gold Partner and NetSuite specialist. It claims clients across the US, Southeast Asia, Japan, the UK and India, having developed a strong foothold in the cloud enterprise resource planning (ERP) and technology arena for Oracle since its founding in 2010.
Now, JCurve has snapped up the business assets of Rapid E-Suite's operations in Thailand in a deal worth up to S$800,000. Of the total purchase price, S$300,000 will be paid in cash while an earnout component worth S$500,000, dependent on sales, will be paid out in the 12 months following the completion of the deal.
For the year ending 30 April this year, Rapid E-Suite's Thai operations generated A$600,000 in revenue and A$100,000 in earnings before interest, tax, depreciation and amortisation (EBITDA).
The assets purchased as part of the deal include Rapid E-Suite's existing 20 customers in Thailand, the associated business contracts, local Thailand-developed intellectual property owned by the company and the Thai business operations’ goodwill.
Although publicly listed on the Australian Securities Exchange (ASX) and headquartered in Sydney, Australia, JCurve Solutions increasingly identifies itself as an Asia Pacific-wide organisation, with CEO Stephen Canning firmly based in Singapore.
Reflecting this mindset, the company has made substantial inroads into the Southeast Asian market. In June, JCurve acquired Manila-based events and digital marketing solutions provider Creative Quest, further building out its presence in Singapore, the Philippines and the broader Southeast Asian region.
From JCurve’s perspective, the acquisition of Creative Quest’s business assets, the deal for which is worth PHP₱9 million (AUD$245,000), demonstrated another step in the company’s evolution as a digital transformation partner in the Southeast Asian region.
“Southeast Asia is a strategic growth region for JCurve Solutions, and the acquisition of Rapid E-Suite further extends both our reach and capabilities, including an experienced team of ERP professionals,” Canning said. “We are excited by the opportunity ahead of us and look forward to supporting Thai customers with their business transformation efforts in the coming months and years.”
According to chairman Mark Jobling, digital transformation has been a hot topic for businesses in Thailand for a number of years, further accelerated by the global pandemic.
“With the acquisition of Rapid E-Suite, JCurve Solutions is ideally positioned to support Thai businesses through this transition,” he said.
The acquisition is expected to close on 8 July 2021.