Virtuzone has been acquired by Singapore-based Ascentium

Virtuzone, the UAE-based provider of company formation solutions, corporate services, and tax consultancy, has announced its acquisition by Ascentium, a Singapore-based global business services platform supporting over 20,000 active clients across 25 cities and nine markets in the Asia Pacific (APAC) region.

The acquisition, which includes Virtuzone’s sister companies Taxready.ae, Next Generation Equity and MAKTABI, strengthens Virtuzone’s leadership in the UAE business landscape while empowering Ascentium to expand its presence in the UAE and tap into emerging markets within the Gulf Cooperation Council (GCC) region.

This strategic move aligns with the UAE’s robust foreign direct investment (FDI) flows, which reached $30.6bn in 2023, and the Middle East’s projected GDP growth of 3.9 per cent in 2025. Together, Virtuzone and Ascentium aim to capitalise on these favourable economic conditions, strengthening their positions in the region and beyond.

Virtuzone CEO emphasises synergies between the companies

Neil Petch, chairman and co-founder of Virtuzone, said: “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 unrivalled 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 the acquisition, Virtuzone’s clients will gain access to global markets, including the Far East and Latin America, while leveraging Ascentium’s international network to streamline compliance with global business laws. Clients will also benefit from cutting-edge AI-powered tools designed to digitise processes, enhance productivity, and improve customer satisfaction.

Lennard Yong, Founding Management and group CEO of Ascentium, expressed confidence in the acquisition, stating, “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 organisation and drive us towards 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.”

Ascentium backed by Hillhouse Investment

Ascentium, backed by Hillhouse Investment — a prominent Asian private equity firm managing $100bn in assets — plans to infuse capital into Virtuzone, allowing the Dubai-based company to expand its corporate services portfolio, strengthen its local presence, and act as a launchpad for Ascentium’s broader expansion from APAC to the Middle East.

Founded in 2005 by Zhang Lei with initial backing from the Yale University Endowment, Hillhouse Investment is a diversified asset manager with a proven track record of completing large transactions across more than 30 countries.

George Hojeige, group CEO of Virtuzone, shared his enthusiasm for the partnership: “We are excited to join the Ascentium family where our shared values and vision will drive us towards even greater success. The opportunities ahead for Virtuzone within Ascentium are truly promising, especially in expanding our reach in the Asia-Pacific region.

“Ascentium’s global network and expertise will enrich our service offerings both in activities and in regions covered, and allow us to deliver tailored solutions to our clients, further solidifying our position as a leader in the corporate solutions sector.”

Virtuzone is renowned for its innovative approach, including the launch of AI-driven tools such as TaxGPT, the world’s first AI-powered UAE corporate tax assistant, ChatVZ, the world’s first business setup AI chatbot, and SwyftPlan, a business plan builder powered by OpenAI’s ChatGPT.

The company also provided complimentary tax and accounting solutions for thousands of SMEs in the UAE following the introduction of corporate tax laws in the country.