Trax co-founder and CEO Joel Bar-El says the company's in talks for a potential dual listing on SGX and the New York Stock Exchange.TRAX, a Singapore-based startup serving the retail industry, is finalising a deal to raise US$100 million at a pre-money valuation of about US$1.1 billion, a price tag that could make it the second most valuable startup in the city-state.
Trax raised US$125 million last year in a round led by China private equity firm Boyu Capital, with Singapore's GIC coming on board later as a shareholder. At its latest valuation, Trax should now rank only behind ride-hailing giant Grab among Singapore-based tech startups.The new round is aimed at financing three acquisitions. The company recently signed a deal to buy LenzTech Co, a Beijing computer vision technology service provider and direct competitor, for an undisclosed amount.
In China, Trax will integrate LenzTech's 110 employees, including 60 research and development staff, with its subsidiary there. Boyu Capital, Trax's second-largest shareholder, was instrumental in helping the company negotiate many aspects of the deal, including the price, Mr Bar-El said. Mr Bar-El founded Trax in 2010 after a chance meeting in Singapore with acquaintance Dror Feldheim, now the company's chief commercial officer. He said there are advantages to listing in Singapore, where the company has its headquarters along with two co-founders and other senior managers.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »