GoLogiq, a US Company, to Acquire Symplefy in Vietnam

GoLogiq, a US-based company, is set to acquire Symplefy in Vietnam through an all-stock transaction valued at up to $30 million, contingent on performance. As part of the deal, GoLogiq will issue $15 million worth of its common shares to Symplefy shareholders, obtaining full ownership of the company. Additionally, Symplefy shareholders have the potential to earn up to $15 million in additional shares of GoLogiq if specific targets are met.

Symplefy focuses on serving businesses in the rapidly growing economies of Southeast Asia. The company is transforming workforce management for corporations by simplifying and streamlining payroll and HR processes through their innovative cloud-based software management tools. This approach enhances workforce efficiency and simplifies complex regulatory compliance.

Currently, Symplefy’s platform is in the early stages of deployment, initially targeting select manufacturing businesses with 50 to 2,500 employees. The company plans to expand its solution across various industries and geographies through a new marketing campaign. Over the next 18 months, Symplefy aims to acquire more than 2,000 corporate clients.

Following the acquisition, GoLogiq intends to integrate Symplefy’s platform with its existing Radix ‘Big Data Analytics’ platform. This combination will provide valuable insights to clients and create cross-selling opportunities with GoLogiq’s other fintech platforms.

Brent Suen, the executive chairman of GoLogiq, expressed excitement about the acquisition, stating that Symplefy is one of several planned acquisitions that will strengthen their fintech platform and consumer data analytics technology. After a successful launch in Vietnam, GoLogiq plans to expand its presence to other Southeast Asian markets.

Vietnam is expected to experience rapid economic growth as it becomes a key beneficiary of the global shift in manufacturing supply chains towards competitive Southeast Asian hubs, according to S&P Global. However, businesses operating in Vietnam, both domestic and international, face unique challenges related to payroll and HR management regulations.