HONG KONG, June 13, 2024 /PRNewswire/ -- CLPS Incorporation (the "Company" or "CLPS") (Nasdaq: CLPS) today announced that, through its wholly-owned subsidiary, Ridik Pte. Ltd. ("Ridik"), it has acquired 100% of the equity of Shell Infotech Pte. Ltd. and its wholly-owned subsidiary Shell Infotech Consulting Sdn. Bhd. (collectively, "Shell Infotech"). This acquisition expands CLPS's client base and market share in Southeast Asia while strengthening its core IT competencies and service offerings, solidifying its commitment to global expansion.
Established in 2003 and headquartered in Singapore, Shell Infotech is a leading IT consulting and managed services provider. Over the years, Shell Infotech has built a strong reputation for its deep industry expertise and professional service team, delivering industry-leading services to clients in Singapore and Malaysia. It offers a wide range of IT services, including software development, SAP solutions, enterprise applications, and managed services, with a focus on the banking and insurance sectors.
Following the acquisition, Shell Infotech's workforce will be seamlessly integrated into CLPS's organizational structure, with its employees relocating to Ridik's office in Singapore. CLPS will maintain the Shell Infotech brand to serve its clients, leveraging the combined technical prowess, management expertise, and client resources of both companies. This strategic approach aims to solidify CLPS's brand recognition, enhance market competitiveness in Southeast Asia, and ultimately enable the delivery of innovative and efficient IT services and solutions to its clients. The acquisition of Shell Infotech is expected to bring 27 new clients to the Company and drive a projected 25% to 30% revenue increase in Southeast Asia.
Mr. Srustijeet Mishra, Chief Executive Officer of CLPS SEA & USA, said, "The successful acquisition of Shell Infotech is a significant achievement for CLPS. It further expands our reach across Southeast Asia and brings valuable assets like reputable clients, a wealth of technical resources, and a team with deep industry knowledge. This strongly supports our growth plans for the Asia-Pacific region, as we expand our operations from Singapore to Malaysia, the Philippines, Japan, India, Vietnam, and Australia."
Mr. Henry Li, Chief Operating Officer of CLPS, commented, "We are thrilled to welcome Shell Infotech to the CLPS family. This marks a major leap forward in growing our international presence. We are actively pursuing international M&As that cohesively complement our business model, and Shell Infotech perfectly exemplifies this approach. This move strengthens our position in the IT services landscape and unlocks exciting opportunities for business growth."
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation is a global leading information technology ("IT") consulting and solutions service provider focused on delivering services primarily to global institutions on the banking, wealth management, e-commerce, and automotive sectors. The Company serves as an IT service provider to a growing network of clients in the global financial service industry, including large financial institutions in the U.S., Europe, Australia, Asia, and their PRC-based IT centers. The Company maintains 20 delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Xi'an, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Hainan. The remaining 10 global centers are located in Hong Kong SAR, USA, Japan, Singapore, Australia, Malaysia, India, Philippines, Vietnam, and Canada. For further information regarding the Company, please visit: https://ir.clpsglobal.com/, or follow CLPS on Facebook, Instagram, LinkedIn, X (formerly Twitter), and YouTube.
Forward-Looking Statements
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance. Known and unknown risks, uncertainties and other factors, which may be beyond the Company's control, may cause the actual results and performance of the Company to be materially different from such forward-looking statements. All such statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties related to the Company's expectations of the Company's future growth, performance and results of operations, the Company's ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, as well as the risks and uncertainties described in the Company's most recently filed SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at https://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
