Virtuzone, the UAE’s premier provider of company formation solutions, corporate services, and tax consultancy, has announced its acquisition by Ascentium, a global business services platform based in Singapore.
This pivotal acquisition, which includes Virtuzone’s sister companies Taxready.ae, Next Generation Equity, and MAKTABI, reinforces Virtuzone’s leadership in the UAE’s business landscape and empowers Ascentium to establish a strong presence in the country and tap into emerging markets in the Gulf Cooperation Council (GCC) region.
With the UAE’s foreign direct investment (FDI) inflows reaching $30.6 billion in 2023 and the Middle East’s GDP sustaining its pace to hit 3.9 percent in 2025, the acquisition aligns with Virtuzone and Ascentium’s unified vision to harness this opportunity and strengthen their presence in fast-growing markets in the region and beyond.
“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 unrivaled 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.”
Through this acquisition, Virtuzone clients and partners will have the opportunity to scale globally and reach new markets, such as the Far East and Latin America, while streamlining compliance with international business laws and leveraging cutting-edge, AI-powered tools to digitize their processes, boost productivity, and improve customer satisfaction and retention.
Lennard Yong, Founding Management and Group CEO of Ascentium, noted that, “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 organization and drive us toward 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.”
Backed by Hillhouse Investment, an Asian private equity firm managing $100 billion in assets, Ascentium will infuse capital into Virtuzone, enabling the Dubai-based company to broaden its suite of corporate services, amplify its local footprint and resources, and serve as a springboard for Ascentium’s expansion from APAC to the Middle East.
