ASCENTIUM’S STRATEGIC ACQUISITION OF VIRTUZONE EXPANDS PRESENCE IN THE MIDDLE EAST

By Tradefairtimes Last updated Mar 4, 2025

From left to right: Lennard Yong, Founding Management and Group CEO; Chloe Chan, Chief Strategy and Corporate Development Officer; Wendy Wang, Founding Management and Group President from Ascentium, joined by Neil Petch, Chairman and Co-founder; Geoff Rapp, Executive Director and Co-founder; George Hojeige, Group CEO from Virtuzone.

Virtuzone, the UAE’s leading provider of company formation solutions, corporate services, and tax consultancy, has announced its acquisition by Ascentium, a Singapore-based global business services platform. Ascentium supports over 20,000 active clients across 25 cities and nine markets in the Asia-Pacific (APAC) region. This strategic acquisition, which also includes Virtuzone’s sister companies Taxready.ae, Next Generation equity, and MAKTABL, positions Ascentium to establish a robust presence in the UAE and tap into emerging opportunities across the Gulf Cooperation Council (GCC) region. It also solidifies Virtuzone’s leadership within the Middle East’s dynamic business landscape.

Seizing Opportunities in a Thriving Market

With the UAE attracting USD 30.6 billion in foreign direct investment (FDI) in 2023 and the Middle East’s GDP projected to grow by 3.9% in 2025, the acquisition aligns with the unified vision of Virtuzone and Ascentium to harness these opportunities and expand into fast-growing markets. As part of the acquisition, Virtuzone’s clients and partners will benefit from access to global markets, including the Far East and Latin America. They will also gain access to AI-powered tools to streamline compliance, enhance productivity, and improve customer satisfaction and retention.

A Shared Vision for Growth

Backed by Hillhouse Investment, an Asian private equity firm managing USD 100 billion in assets, Ascentium will provide additional capital to Virtuzone. This funding will enable the Dubai-based company to enhance its corporate service offerings, expand its local resources, and serve as a launchpad for Ascentium’s growth from APAC into the Middle East.

Global Expertise Meets Regional Leadership

Founded by Zhang Lei in 2005 with seed capital from the Yale university endowment, Hillhouse Investment has a proven track record of managing assets for global institutions, including foundations, endowments, and pensions. It has successfully executed large-scale transactions across more than 30 countries.

George Hojeige, Group CEO of Virtuzone, expressed his excitement:

“We are excited to join the Ascentium family where our shared values and vision will drive us towards even greater success. The opportunities ahead for Virtuzone within Ascentium are truly promising, especially in expanding our reach in the Asia-Pacific region. Ascentium’s global network and expertise will enrich our service offerings both in activities and in regions covered, and allow us to deliver tailored solutions to our clients, further solidifying our position as a leader in the corporate solutions sector.”

Driving Innovation in Business Solutions

Virtuzone has been a trailblazer in the UAE’s company formation industry, pioneering the use of aI driven tools for businesses. These include:

TaxGPT : The world’s first AI powered UAE corporate tax assistant.

ChatVZ : The world’s first AI chatbot for business setup.

SwyftPlan : a business plan builder powered by OpenAI’s ChatGPT.

Virtuzone also demonstrated its commitment to supporting SMES by offering complimentary tax and accounting solutions during the introduction of corporate tax laws in the UAE.