Singapore-based Tower Capital Asia (“Tower Capital Asia” or “the Firm”) is pleased to announce today its acquisition of a majority stake in AXS Pte Ltd (“AXS” or “the Company”), Singapore’s leading multi-channel payment solutions provider.
Founded in 2016 and backed by pre-eminent international institutional investors, Tower Capital Asia is a private equity firm that invests into the middle-market space across a wide range of industries in Southeast Asia.
Following the acquisition, Tower Capital PE Fund I, LP, a fund managed by Tower Capital Asia, immediately becomes the largest shareholder in AXS, while existing shareholder DBS Bank continues to retain a 9.9% stake in the Company. Further to this, Tower Capital Asia intends to support the Company in its growth plans, which includes expanding AXS’s presence within the Southeast Asian payments ecosystem.
Incorporated in 2000, AXS has served the payments needs of Singaporean consumers and merchants for 23 years. AXS provides more than one million users with rapid access to greater than 600 payment services, via its network of over 660 AXS Station self-service kiosks, as well as its proprietary AXS e-Station web-based and AXS m-Station mobile-based applications.
Commenting on the transaction, Tower Capital Asia Founder and Chief Executive Officer (“CEO”) Mr Danny Koh says, “We are very pleased to welcome AXS into our ever-growing portfolio of category-defining companies. A frontrunner in the digital payments industry, AXS pioneered multi-channel cashless payments in Singapore. The recent explosion in digital payments globally is providing formidable tailwind for AXS, an established player, to seek growth via new business segments and markets.“
CEO and Founder of AXS, Mr Joey Chang, notes, “We are exhilarated to join hands with Tower Capital Asia. Their investment is more than a nod to what we have built through the years; it is also a strong show of belief in our execution ability and growth potential. We are extremely excited for what the future holds for AXS.”
As part of its post-investment value creation plan, Tower Capital Asia intends to transform AXS into a regional cloud-based payment solutions provider, pledging investment in technological innovation and expansion of services to deliver a more powerful and seamless payments experience to merchants and consumers alike, while strengthening existing business operations to ensure continuous service to clients and users who utilise AXS channels for trusted payment services.
Pursuant to the deal and subject to regulatory clearance, AXS co-founder and more recently CEO of the NETS Group Mr Jeffrey Goh will be returning to the Company. An industry veteran backed by thirty years of experience, Mr Goh has a demonstrated track record of innovation within the digital payments industry.
“It would be truly a homecoming for me, to be able to rejoin AXS which I helped found and whose business I remain deeply passionate about. The digital payments landscape has evolved significantly in the last two decades, and I look forward to forging a new collective vision for AXS with my teammates and Tower Capital Asia,” remarks Mr Goh.
Established in 2016, Tower Capital Asia is a mid-market private equity firm based in Singapore. Backed by global expertise and anchored in Asian values, the Firm has led investments in the privatisation and/or buyout of Southeast Asian businesses – such as Boardroom, Eu Yan Sang and I Can Read – in close partnership with business sponsors. As of December 2022, the Firm manages institutional funds across all vehicles of more than US$500 million. For more information on the firm, please visit www.towercapitalasia.com.