Singapore‐based e‐procurement platform SESAMi this week welcomed an equity investment by non‐bank capital provider ApexPeak. The deal will give local Singapore businesses additional access to cash to solve short‐term shortfalls in liquidity.
SESAMi, South‐East Asia’s largest e‐procurement platform, touches the lives of over 15,000 small businesses and 5,000 large buyers around the globe each year. The firm processed SGD 1.8 billion worth of e‐invoices in the last 12 months, a figure that has grown steadily 14% year‐on‐year since its inception in September 1999.
In line with the firm’s policy to promote transparent business practices, the firm publishes key performance indicators daily on the company’s home page.
E‐commerce veteran Ong Teck Soon, SESAMi’s Chief Executive Officer and shareholder since 2002, views ApexPeak’s non‐controlling stake as essential to completing the company’s vision.
“We are grateful for the support we have received over the years from business and government. The strategic investment made by ApexPeak this week will strengthen our trade finance offer and facilitate greater supply chain finance execution for our client’s needs,” says Mr Ong.
SESAMi’s key clients include SingTel, Singapore Airlines, Changi Airport Group, Healthcare Community (i.e. National Healthcare Group, Jurong Health, Alexandra Health, National University Hospital), Singapore Power, OCBC Bank, Singapore Refining Companies, Singapore Airport Terminal Services, ST Engineering Group, SBSTransit and DSTA.
SESAMi has enjoyed a long history of successful relationships with banks such as DBS (for trade finance) and OCBC and CitiBank (for other corporate programmes). “Our partnership with ApexPeak will complement our existing banking relations, and improve the speed for small businesses to receive early cash payments on e‐invoices,” says Mr Ong.
Christy Oi, Chief Financial Officer of Singapore‐based ApexPeak, was pleased to see the deal closed. “We welcome being part of one of Singapore’s most established and reputable e‐procurement platforms. We look forward to working with Teck Soon and improving the firm’s order‐to‐cash model.”