CLPS INCORPORATION INTEGRATES SINGAPORE SUBSIDIARIES TO STRENGTHEN BUSINESS DEVELOPMENT IN SOUTHEAST ASIA
SHANGHAI, Dec. 23, 2019 /PRNewswire/ — CLPS Incorporation (Nasdaq: CLPS) (“CLPS” or “the Company”), a leading information technology consulting and solutions service provider focusing on the banking, insurance, and financial sectors in China and globally, today announced that it has recently completed the business integration of Infogain Pte. Ltd. (“Infogain”) and RiDiK Pte. Ltd. (“RiDiK”), its two subsidiaries in Southeast Asia, into the Company’s Singapore Division (“CLPS Singapore”). After the integration, CLPS Singapore is expected to achieve total revenue growth of over 200% year over year for fiscal year 2020. CLPS Singapore’s financial growth rate is forecasted to be in the double-digit percentage point after fiscal year 2020 due to strong demands for fintech services in Southeast Asia.
CLPS acquired Infogain and RiDiK, both Singapore-based IT services providers, in August 2018 and September 2019, respectively. The integration of the two subsidiaries enables the Company to achieve overall management and operational efficiency, provide exemplary services to clients, drive overseas business expansion, enhance the Company’s share of IT services in the Southeast Asia market, and support the Company’s future international business development.
Mr. Henry Li, Chief Operating Officer of CLPS, commented, “The Company remains committed to its international business expansion strategy. We believe that CLPS Singapore will further enhance our competitiveness in serving the Southeast Asia market and will serve as a gateway to our global expansion.”
Mr. Srustijeet Mishra, founder of RiDiK and CEO of CLPS Singapore, added, “From the perspective of the Company’s business development, the integration allows us to further expand our business and improve our operational efficiency. It also helps improve CLPS’s overseas profitability and becomes a new major contributor to our development in Southeast Asia.”
About CLPS Incorporation
Headquartered in Shanghai, China, 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 service 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 and Hong KongSAR 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 KongSAR, USA, UK, Japan, Singapore, Malaysia, Australia, and India. For further information regarding the Company, please visit: http://ir.clpsglobal.com/.
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. Known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, may cause the actual results and performance of the Company to be materially different from 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 expectations of the Company’s future growth, performance and results of operations, the Company’s ability to capitalize on various commercial, M&A, technology and other related opportunities and initiatives, 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.