Singapore-based Axentel Technologies acquired by Park Place Technologies

28 February 2018

As consulting firms bid to expand their footprint amid the growing technology-driven economies of the Asia-Pacific region, Park Places Technologies has acquired Axentel Technologies. The sell-side was advised on by consulting industry M&A advisory Equiteq.

The Asia-Pacific region has witnessed exponential growth in FinTech investments over recent years, jumping from a mere 10 deals valued at $100 million in 2010 to 192 deals with a total value of more than $9.6 billion last year. The region far outperformed North America and Europe combined, making the market an increasingly attractive prospect for consulting firms looking to invest in growing technology markets. Singapore saw $35 million of this activity, making it one of the region’s largest individual FinTech investment hubs.

The global appetite for acquisitions of technology firms in general has continued over from last year, into 2018, with a succession of recent deals. The latest of these has seen Axentel Technologies, an IT firm specialising in high-level maintenance services in Asia, purchased by the world's largest pure-play post-warranty data-centre maintenance organisation, US firm Park Place Technologies.

Axentel was founded in 2005 by current leader Jerry Yiu, and the Singapore-headquartered firm has recently been enjoying high top-line growth, with recurring revenues and strong renewal rates. The IT service provider for hardware maintenance services caters to the needs of 210 customers, which are typically large international organisations, across 28 countries in South-East Asia and Hong-Kong.Axentel Technologies acquired by Park Place TechnologiesThe provider of IT life-cycle solutions is a particularly attractive prospect for buyer, Park Place Technologies, a firm keen to continue expansion in the region. The professional services firm, founded in the US in 1991, works to provide an alternative to post-warranty storage, server and networking hardware maintenance for IT data centres. Park Place has already commenced the building of a customer base across Asia and the Middle East, pushing their global footprint to 30,000 data centres in more than 100 countries.

Chris Adams, President and Chief Operating Officer of Park Place Technologies, said that the acquisition of Axentel is a major opportunity for the group to strengthen its foothold in Asia and broaden its portfolio of capabilities in the region. According to Adams; “The acquisition of Axentel is a major move towards establishing a leadership position in the region, enhancing our service offering and better serving more customers around the world.”

Global M&A specialists Equiteq acted as advisors to the sell side. Speaking on the deal, Jean-Louis Michelet, Managing Director of Equiteq Asia-Pacific, commented; “I have been impressed by the strength of the strategic rationale of this deal, as well as the convergence between the two organisations in terms of corporate culture, values, and business development strategy.”

Regarding Equiteq’s role, Jerry Yiu added, “While joining Park Place looked from the outset like the perfect strategic move for us to make, there were quite a few complex issues that had to be addressed. Throughout the process, the Equiteq team have done a great job at preparing us, assisting us and ironing out all difficulties as they arose. I am sincerely grateful to them for having made this deal possible.”

A&M bolsters Asian transaction advisory practice with senior appointments

14 March 2019

Global consultancy Alvarez & Marsal has made a round of senior appointments in Asia, including Yvette Chan as a Managing Director and Asia Pacific M&A Tax Advisory Practice leader in Hong Kong. Chan joins Colin Gater and Richard Chen, who were promoted to managing director level in Hong Kong and Singapore at the end of last year.

International professional services firm Alvarez & Marsal has bolstered the Asian wing of its Global Transaction Advisory Group with a number of senior appointments. Experienced M&A advisor Yvette Chan joins the firm as a managing director in Hong Kong to lead A&M’s Asia Pacific M&A Tax Advisory Practice, while Colin Gater (Hong Kong) and Richard Chen (Singapore) have been promoted to Managing Director from within.

A master’s degree-holder in mathematical sciences from the University of Oxford, Chan joins Alvarez & Marsal after more than 14 years with KPMG, kicking off her career with the Big Four firm’s London office before spending the past ten years in Hong Kong – the latter where she was most recently a Partner in KPMG’s Deal Advisory M&A Tax team, serving clients across multiple sectors such as real estate, financial services, telecommunications, education and healthcare.

Over the course of her career Chan has amassed a broad range of M&A experience, advising in the words of A&M on “numerous mergers and acquisitions, joint ventures, divestitures, corporate restructurings and pre-initial public offering (IPO) restructuring projects in China and Hong Kong”, with “deep expertise working with Chinese corporates, private equity funds and real estate firms on tax issues relating to their outbound investment in Japan, Southeast Asia, Australia, Europe, Israel, the U.S. and Brazil.”A&M bolsters transaction advisory practice in Asia with senior appointments“Yvette’s experience handling tax and regulatory issues across the region significantly improves our capabilities and aligns with our offering,” said A&M Managing Director and the firm’s Transaction Advisory Group Asia Practice leader Xuong Liu. “Her in-depth knowledge, combined with Richard’s and Colin’s wealth of experience, is a cornerstone of our continued expansion in Asia that will help clients seize deal opportunities and address transaction challenges.”

Colin Gater and Richard Chen meanwhile were among 42 worldwide managing director promotions made by Alvarez & Marsal at the end of last year. Gater – who has been joined by Chan in the firm’s Hong Kong office – has been with A&M since 2011, likewise recruited following a stint with KPMG. Currently based in Singapore, Chen too came to the firm after more than a decade with KPMG in the US and China, coming on board in 2014.

“Individually and collectively, Yvette, Richard and Colin bolster our bench strength in Asia,” said A&M’s Global Transaction Advisory Group leader Paul Aversano, who further stated the firm’s growing talent base in Singapore was an endorsement of its commitment to the region. “Our augmented footprint across Greater China and Southeast Asia broadens our unique ability to provide global perspectives alongside boots-on-the-ground expertise.”

“I am very excited to be joining A&M, and particularly at a time of such robust M&A activity in Greater China and Southeast Asia,” Chan said in response, with a recent analysis from Bain & Company outlining the increasing maturity of the M&A market in China. Chan continued: “The firm’s operational heritage, entrepreneurial culture and freedom from audit conflicts provides the perfect platform to help clients maximise value.” A&M's Global Transaction Advisory Group has more than 350 specialists worldwide.