Indonesia-based e-commerce enabler company SIRCLO has agreed to merge with e-commerce solutions startup ICUBE, per an announcement.
Following the merger, which will bring together more than 450 employees, ICUBE will continue to operate as an independent entity integrated with the services offered by SIRCLO.
No financial details were disclosed in the statement.
ICUBE founder and managing director Muliadi Jeo will replace Leontius Adhika Pradhana as SIRCLO’s Chief Technology Officer (CTO). Leontius will take up the role of Chief Product Officer (CPO).
Founded in 2013, SIRCLO provides solutions to help businesses sell online through SIRCLO Store, a SaaS platform that helps create online shop sites for SMEs, and SIRCLO Commerce, which addresses the needs of corporate brands as they enter online distribution channels.
Meanwhile, ICUBE is an agency providing technology and e-commerce solutions for retail, which has launched and managed more than 100 Magento-based sites. It has also launched Swift products to meet the e-commerce and omnichannel needs of medium-sized businesses
The merger will see SIRCLO, which focuses on big brands and MSMEs, and ICUBE, which specializes in medium scale businesses, combine and amplify their strengths to serve brand and business owners.
“We are always open to opportunities to improve our abilities. When we see the potential to merge with ICUBE, we are increasingly confident that we can carry out this mission on a larger and more comprehensive scale through the combined strengths of the two companies,” said SIRCLO CEO Brian Marshal.
Marshal admitted that this merger took place at the right moment when additional resources would help SIRCLO and ICUBE to serve more MSMEs and brands that need fast services in the midst of a pandemic.
For SIRCLO, the merger comes a year after it reportedly raised $5 million in a Series A funding round backed by Skystar Capital, East Ventures, Sinarmas Land and BEENOS Plaza, the investment vehicle of Japan’s BEENOS in Indonesia.
The company previously raised an undisclosed amount in seed funding from East Ventures in 2014.