2009 – 2012
With a vision to be the global market leader in the IT asset recovery and independent maintenance market, Procurri had its origins from previous distribution channels for hardware that the founders created, namely Cavu and Vanda in the mid-1990s.
In Asia Pacific, Procurri Singapore (formerly known as ASVIDA® Asia), was incorporated in 2009 to be a leading independent supplier and maintenance service provider for data centre IT equipment.
Within a span of 4 years, it grew its support coverage to 16 countries across the region.
DeClout embarked on a global expansion plan for Procurri to dominate the IT asset recovery and independent maintenance market, by acquiring US-based Procurri LLC in April 2013.
DeClout also formed Procurri Corporation as the corporate umbrella of this business to spearhead its globalisation plan.
Building on our US acquisition, Procurri Corporation acquired 51% of Tinglobal Holdings Ltd. to establish a foothold in Europe, Middle East and Africa.
In June 2014, Procurri Corporation acquired 100% of Malaysia-based Verity Solutions Sdn. Bhd. to extend its presence in Southeast Asia.
In August 2014, Procurri Corporation inked an exclusive partnership in the world’s largest economy, China. This gives Procurri Corporation significant reach and capabilities to develop its maintenance business in North Asia.
Procurri Corporation’s revenue in FY2014 was $76.9 million, with a net profit after tax of $3.3 million.
Having established a global presence through its various acquisitions, Procurri embarked on a global brand launch to integrate all its businesses for greater synergies.
To further accelerate our growth in China, we set up Procurri Asia Pacific Pte. Ltd. in February 2015. We also opened a Mexico office in March 2015, thereby offering a global one-stop distribution and maintenance services in 4 continents worldwide.
Procurri Corporation’s revenue in FY2015 was $122.8 million, with a net profit after tax of $8.8 million.
In March 2016, Procurri strengthened its presence in the world’s two largest markets – China and the United States – by adding two new sales offices in Chicago and Maryland, and a new office in Beijing.
On 20 July 2016, Procurri Corporation listed on the Main Board of SGX-ST. Being Singapore’s first non-REIT and first technology IPO on the Main Board this year, the success of Procurri’s IPO speaks volumes of DeClout’s ability to invest, incubate, scale and harvest its portfolio companies.
Post-listing, DeClout will continue to hold considerable interests in Procurri and participate in its growth.
2018 – 2019
On 8 Oct 2018, DeClout announced that there was interest in the sale of Procurri shares by third parties and a successful Extraordinary General Meeting (EGM) was held subsequently on 14 November 2018 to approve the disposal of Shares.
On 4 January 2019, DeClout sold a 17.2% stake equivalent to 48 million shares in Mainboard-listed Procurri Corp at S$0.32 per share to two independent third parties, raising net proceeds of S$15.2 million, paring its stake down to 29.6%.
Achieving this next major milestone validates the Group’s ability to incubate successful businesses, monetise them effectively as part of its business model to create value for shareholders.