Singapore’s vCargo Cloud to acquire 60% stake in Indonesian logistics player GTS

A man offering his services as a road guide stands outside of a logistics park in Chengdu, China, on Tuesday, April 11, 2017. Photographer: Qilai Shen/Bloomberg

Singapore-based e-trade solutions provider vCargo Cloud Pte. Ltd (VCC) has announced that it will acquire 60 per cent stake in Indonesian integrated logistics player PT Gatotkaca Trans Systemindo (GTS), to expand its global network.

VCC said, in an official release, it will pay $850,000 to GTS for 60% of the company’s enlarged share capital, as well as extend a $545,000 loan to the company.

VCC became a portfolio of tech firm DeClout after the SGX-listed company acquired a 30% interest in it in 2015. Jakarta-based GTS provides trucking as well as freight and forwarding services.

VCC offers e-trade and e-freight solutions to governments and companies worldwide through its platform, VCC CamelONE, which enables digitalized data exchange of cargo and financial information for stakeholders in trade, logistics and supply chain sectors, simplifying cross-border trade.

Through its investment in GTS, VCC  intends to accelerate automation of customs declaration in Indonesia, which has a population of 260 million and recorded $300 billion worth of trade in 2017.

The CamelONE deployment in Indonesia will link to the existing CamelONE network, allowing stakeholders to seamlessly transmit data across the 14 countries through its unified platform which connects governments, businesses and consumers.

“The GTS acquisition is significant on two fronts. GTS’ mature operations allow VCC to jumpstart on our foothold in Indonesia, a key ASEAN market which is ranked Singapore’s fourth largest trading partner,” said VCC CEO Desmond Tay. “The deployment of CamelONE platform will augment the existing inter-government ASEAN Single Window to facilitate trade flows for both governments and businesses.”

Also Read:

Indonesia Digest: Logistics firm Inprase’s IPO; OJK okays MUFG-Danamon deal

Singapore: DataRobot to invest $11m in regional HQ; DeClout and Gobi forge partnership

Exclusive: Indonesia’s logistics startup Etobee raises $3.5m bridge funding

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.