Ascentium Expands Strategic Footprint in the Middle East through Acquisition of Virtuzone
SINGAPORE, Jan. 21, 2025 /PRNewswire/ -- Ascentium, a leading global business services platform headquartered in Singapore and backed by Hillhouse Investment, has announced the acquisition of Virtuzone, the UAE's leading and award-winning provider of company formation solutions, corporate services, and tax consultancy. This strategic move signifies Ascentium's entry into the dynamic Middle East markets, leveraging Virtuzone's expertise and local presence to tap into emerging opportunities in the region.
The acquisition of Virtuzone—which includes Virtuzone's sister companies, Taxready.ae, Next Generation Equity and MAKTABI—positions Ascentium to establish a robust foothold in the United Arab Emirates (UAE) and extend the potential reach across the Gulf Cooperation Council (GCC) region. With foreign direct investment (FDI) inflows in the UAE soaring to USD 30.6 billion in 2023 and the Middle East's GDP growth projected to reach 3.9% in 2025, this acquisition aligns with Ascentium's growth strategy in strategic markets.
Lennard Yong, Founding Management and Group CEO of Ascentium, remarked, "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 organisation and drive us towards our strategic goals. Virtuzone's strong presence in the Middle East complements our existing capabilities, and together, we look forward to achieving new milestones and delivering exceptional value to our global clientele."
Neil Petch, Chairman and Co-founder of Virtuzone, commented, "As global leaders in the corporate services industry, Ascentium embodies the core values that Virtuzone has upheld over the years, empowering businesses and delivering customer-centric solutions, transformative innovation, and unrivalled service excellence. By 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."
George Hojeige, Group CEO of Virtuzone, shared, "We are excited to join the Ascentium family, where our shared values and vision will drive us towards even greater success. The opportunities ahead for Virtuzone within Ascentium are truly promising, especially in expanding our reach in the Asia-Pacific region. Ascentium's global network and expertise will enrich our service offerings and allow us to deliver tailored solutions to our clients, further solidifying our position as a leader in the corporate solutions sector."
Founded by Zhang Lei in 2005 with initial investor capital from the Yale University Endowment, Hillhouse is a leading diversified asset manager with strategies across equities, credit, and real assets. The firm manages capital for global institutions, including non-profit foundations, endowments, and pensions and has a proven track record of completing large complex transactions across more than 30 countries.
In line with the acquisition, Ascentium will provide additional resources to Virtuzone, enabling the Dubai-based company to expand its suite of corporate services, strengthen its local presence, and serve as a catalyst for Ascentium's expansion into the Middle East.
About Ascentium
Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.
For more information, visit: ascentium.com
About Virtuzone
Virtuzone is the UAE's first and largest company formation specialist and an award-winning corporate service provider. Established in 2009, we have set up the companies of more than 80,000 entrepreneurs from 180 countries.
With over 250 staff members speaking 40 languages, we provide end-to-end company formation and corporate services, ranging from trade licensing and visa processing to bank account opening, tax consultancy, compliance, accounting, legal services, and more.
We are part of Virtugroup, a Dubai-based holding company that comprises Taxready.ae, an FTA-certified tax and accounting firm; Next Generation Equity, which offers citizenship and residency-by-investment programmes; and MAKTABI, a world-class business centre located in the heart of Dubai.
About Hillhouse
Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.
Media Contact
Nancy So – Associate Director, Group Marketing, Ascentium
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