SGX-listed M1 Limited has proposed to acquire AsiaPac Distribution while stock photo startup PIXERF has officially launched with a seed funding of S$2 million ($1.47 million).
M1 acquires AsiaPac Distribution
Singapore-listed telecom service provider M1 Limited has proposed to acquire AsiaPac Distribution Pte Ltd, an IT device and service provider to enterprise and public sector customers in Singapore, for S$20 million ($14.66 million), said M1 in a stock filing.
Following the deal, AsiaPac will be an indirect wholly-owned subsidiary of M1. “The proposed acquisition will fast track the company’s entry into the information and communications technology (ICT) segment,” said M1.
Singapore-based M1 had recently formed a partnership with Nokia to conduct its first 5G small cell trial in Southeast Asia. Its largest shareholder, Malaysia’s Axiata Group Bhd, holds a 28.68 per cent stake in the company.
PIXERF bags $1.47m seed funding
Stock visual startup PIXERF on Wednesday marked its regional launch with an S$2 million ($1.47 million) seed funding from private investors, it said in a statement.
The fresh capital will be used to enhance PIXERF’s platform, strengthen user acquisition and support client demand. The startup is also building a digital marketplace to distribute stock photos and videos for Asian creatives. The startup is founded by former creative agency professionals Sa’at Ismail and Michele Lee.
“The best stock visuals have the power to create moments, inspire generations and build brands. However, what we have experienced first-hand and heard from brands, creative agencies and media outlets, is existing stock visuals do not authentically capture Asian people, culture and landscapes,” said PIXERF founder and CEO Sa’at.