HONG KONG, Dec. 29, 2020 /PRNewswire/ -- CLPS Incorporation
(Nasdaq: CLPS) ("CLPS" or "the Company"), today announced that,
through its indirectly wholly owned subsidiary, CLPS Technology
(Singapore) Pte. Ltd., it has
acquired the remaining 20% ownership stake in Ridik Pte. Ltd.
("Ridik"), a Singapore-based IT
services company in which CLPS initially acquired 80% equity in
September 2019. As a result, Ridik is now a wholly owned
subsidiary of CLPS.
CLPS has achieved significant growth in the Southeast Asia market since the initial
acquisition of Ridik. For the year ended June 30, 2020, revenue generated from
Singapore increased by 191.8% to
$7.37 million compared to the
previous year period. With Ridik's financial growth contribution
and business development potential, it will further drive the
Company's global expansion strategy, including healthier overseas
financial performance.
Following the completion of Ridik acquisition, CLPS plans to set
up Singapore as its Southeast Asia headquarters, which will serve
as the springboard for market expansion and business development
opportunities in the region.
Mr. Srustijeet Mishra, Chief Executive Officer of CLPS SEA
Region, commented, "We have achieved significant progress in the
Southeast Asia market since our
partnership with CLPS and we are looking forward to strengthening
our business performance and relationship with the Company as a
wholly owned subsidiary. Being fully absorbed by CLPS, we will be
on a better position to leverage its resources and industry
expertise to grow and expand our business and client base not only
in the Southeast Asia, but also in
other parts of Asia Pacific
region."
Mr. Henry Li, Chief Operating
Officer of CLPS, added, "Southeast
Asia has been an important market in CLPS's global expansion
strategy. As a wholly owned subsidiary, Ridik will enable us to
fully integrate our business in Southeast
Asia, which will further advance our business expansion in
the global market. In addition, we are committed to investing for
resources, such as technological and management innovation,
enhanced overseas business model, and value-added services to our
existing and potential clients. Our streamlined plan will put us in
a strategic position to deliver efficient and quality services and
achieve client satisfaction in the Southeast Asia region."
Further information about CLPS's initial acquisition of Ridik's
80% equity was disclosed in the press release dated September 27, 2019:
https://www.prnewswire.com/news-releases/clps-incorporation-further-expands-into-southeast-asia-market-with-acquisition-of-ridik-300926782.html
About CLPS Incorporation
Headquartered in Hong Kong, CLPS Incorporation (the
"Company") (Nasdaq: CLPS) is a global leading information
technology ("IT"), consulting and solutions service provider
focusing on the banking, insurance and financial sectors. The
Company serves as an IT solutions provider to a growing network of
clients in the global financial industry, including large financial
institutions in the US, Europe, Australia, Southeast
Asia and Hong Kong, and their PRC-based IT centers. The
Company maintains 18 delivery and/or research & development
centers to serve different customers in various geographic
locations. Mainland China centers are located
in Shanghai, Beijing, Dalian, Tianjin,
Baoding, Chengdu, Guangzhou, Shenzhen, Hangzhou,
and Suzhou. The remaining eight global centers are located in Hong
Kong SAR, USA,
UK, Japan, Singapore, Malaysia, Australia,
and India. For further information regarding the Company,
please visit: http://ir.clpsglobal.com/, or follow CLPS
on Facebook, LinkedIn,
and Twitter.
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, and involve known and unknown risks, uncertainties and
other factors, which may be beyond the Company's control, and which
may cause the actual results, performance, capital, ownership or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by 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 financial and operational
performance in the second half and full year of fiscal 2020, its
expectations of the Company's future performance, its preliminary
outlook and guidance offered in this presentation, 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 http://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.
Contact:
CLPS Incorporation
Rhon Galicha
Investor Relations Office
Phone: +86-182-2192-5378
Email: ir@clpsglobal.com
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SOURCE CLPS