UAE company formation solutions, corporate services, and tax consultancy providers Virtuzone has been taken over by the Singaporean-headquartered global business services platform, Ascentium. Virtuzone sister firms Taxready.ae, Next Generation Equity and MAKTABI are acquired alongside it as it is regarded as an important move as it enables them to become significantly stronger within its industry as the acquisition is positioned to make access to fast-expanding emerging markets in the region of GCC an opportunity.
Neil Petch, Chairman, and Co-founder of Virtuzone, said, “As corporate services industry leaders globally, Ascentium reflects the core values that Virtuzone has delivered for decades, empowering businesses and delivering customer-centric solutions, transformative innovation, and unrivaled service excellence. 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.
With this acquisition, Virtuzone clients and partners will have the chance to scale globally, into markets like the Far East and Latin America, and at the same time simplify compliance with international business laws, using the most innovative AI-powered tools to digitize their processes, increase productivity, and improve customer satisfaction and retention. Lennard Yong, Founding Management and Group CEO of Ascentium added, “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 organization and drive us towards our strategic goals.”
This acquisition fits the UAE’s high FDI flows, which totaled $30.6 billion in 2023 and is expected to support the Middle East’s 3.9% GDP growth by 2025. This means Ascentium will be poised to make a serious play in the UAE and go further across the GCC region. This is going to benefit both companies and their clients, as well as help strengthen Virtuzone’s position as the leader in the UAE’s business landscape, enabling Ascentium to fulfill its strategic goals.
