Xelpmoc to acquire majority stake in GOFX Platform Technologies
Bengaluru-based Xelpmoc Design and Tech Limited (Xelp) said that its board has approved the acquisition of a 64% stake in GOFX Platform Technologies (GPTPL), incorporated in Singapore, for SGD 1,778.
GOFX Platform Technologies is engaged in software and programming activities and the development of e-commerce applications in the areas of health, education, food and agriculture, and environment.
It is currently a 100% owned subsidiary of GOFAR Advisory and Investments Pte Ltd. (GAIPL). One of the non-executive and non-independent directors of Xelpmoc Design and Tech has a substantial stake and directorship in GOFAR Advisory and Investments. Therefore, the proposed deal comes within related party transactions.
GOFAR Advisory and Investments will retain a stake of 36% in GOFX Platform Technologies after the closing of the deal.
Xelpmoc Design and Tech said that as its majority owned subsidiary, GOFX Platform Technologies will be able to utilize its technology strength to ideate and build scalable solutions, while driving its global market reach and growth.
Furthermore, the strategic position of GOFX Platform Technologies in Singapore will add weight to its global growth ambitions, said the publicly-listed technology, data analytics and design company.
The deal is expected to close by the end of March 2022, is not subject to any governmental or regulatory approvals.