Equiteq advises iZeno and Ryobi-G on sale to global players

11 January 2021 Consultancy.asia 3 min. read

Equiteq, a global M&A consultancy focused on the professional services sector, the has in the past two months closed of its sell-mandates in Asia. 

In November, iZeno, one of South-East Asia’s fastest-growing digital transformation and IT services firms, was snapped up by digital services group Logicalis, part of the $4.3 billion-strong Datatec Group. The deal was the icing on the cake of a year-long relationship between the iZeno and Equiteq, explained iZeno’s Co-Founder and Director Benny Ng. 

“We started our journey with Equiteq in 2017 with a strategic review, and since then they have supported us effectively throughout our whole journey, helping us to navigate successfully through the many business, financial and legal challenges, and ultimately join Logicalis and kick start the beginning of a new and exciting chapter of the development of iZeno.” 

Equiteq advises iZeno and Ryobi-G on sale to global players

Today, iZeno has a team of 85 professionals across operations in Malaysia, Indonesia and Thailand. The IT consultancy specialised in digital transformation journey, providing offerings such as technology development, implementation, DevOps and cloud solutions. iZeno’s portfolio builds on partnerships with industry-leading technology vendors such as Red Hat, Atlassian, Google Cloud and AWS.

“Becoming part of Logicalis allows us to combine our technical capabilities and access a broader client base, while benefiting from global capabilities and support,” said adds Jason Lin, Co-Founder and CEO of iZeno. 

Jean-Louis Michelet, Managing Director of Equiteq in Asia-Pacific, said on behalf of the dealteam that it was a “pleasure working with the iZeno team, helping them break through different glass ceilings along the way.” He added, “iZeno is a quality player in the IT industry, and we are convinced that by joining Logicalis they will reach new heights in the future.” 

Meanwhile, Equiteq more recently (December) closed the sale of Singapore-based geoengineering specialist Ryobi Geotechnique International (Ryobi-G) to SGS. Founded in 2000, Ryobi-G delivers an array of services encompassing soil investigation, instrumentation & monitoring, and related geotechnical engineering to clients in both public and private sectors in the construction and infrastructure industry. 

The deal sees Ryobi-G and its nearly 500 engineers, technicians and consultants across Singapore and Malaysia join SGS, the world’s leader in inspection, verification, testing and certification, with annual revenues of $7.5 billion. SGS Group has more than 90,000 employees and a network of more than 2,600 offices and laboratories around the world. 

“Ryobi-G’s proven track record will strengthen our growth profile in Singapore and South-East Asia,” said Frankie Ng, CEO of SGS. Joseph Wang, the CEO of Ryobi-G added, “Joining SGS will enhance greatly our capabilities from a technical, operational and financial perspective and be better equipped to serve our clients, as well as to explore new opportunities in overseas markets.” 

Commenting on Equiteq’s dealmaking support, Wang said, “I have been very pleased with the continuous and thorough support that we have received from Equiteq. Having such a highly professional team on our side has made a huge difference in a process which was often technically complex and at times challenging.”

Globally, Equiteq has offices in New York, Boston, London, Paris, Singapore and Sydney.