Singapore-based design firm Space Matrix on Wednesday announced the acquisition of Pursuite, an e-commerce platform in the hospitality sector, for an undisclosed amount. Pursuite, with business operations across Asia and Europe, is an online solution for procurement of Operational Supplies & Equipment (OS&E) and Furniture, Fixtures & Equipment (FF&E) segments.
Space Matrix said in a statement that the acquisition of the e-procurement platform will enable the company to drive new growth opportunities through disruptive technologies and innovation. The company will also bring into play Artificial intelligence (AI) and Machine Learning (ML) into the data of design to provide valuable insights for its clients in designing future offices and executing projects with enhanced effectiveness and efficiency, it added.
"The process of procuring products and services to build an office is very archaic and is filled with multiple issues including cost and time unpredictability, quality and consistency of products, price transparency, governance and even product discovery. Hence, the applicability of a digital procurement platform like Pursuite for the workplace sector is immense," said Arsh Chaudhry, CEO of Space Matrix. Amit Shukla, Founder and CEO of Pursuite and Former CTO of KOOVS, joins Space Matrix as the Global Chief Technology Officer (CTO).
Space Matrix said it has seen strong demand in India, across South-East Asia and Singapore given the adoption of hybrid work practices and corporates choosing to re-design their existing workplaces on post-pandemic design principles. The company's global revenues continue to grow 54 per cent year on year.