Frugl Group Limited (ASX:FGL) has announced it has entered into a binding heads of agreement to wholly acquire the issued share capital of Trienpont International Co. Ltd, including its entire business oporations, from assets to Trienport shareholders.
This strategic acquisition enables Frugl to access Trienpont’s wealth of experience in transforming digital projects across a wide range of industries.
Table 1: The financial impacts of the acquisition
In April last year, the Company announced it had entered into a partnership with Trienpont, enabling collaboration on joint projects in Australia and South East Asia.
After completing a strategic review of Company operations, Frugl aimed to change its development structure to incorporate a blended model of local and international resources, better suited to its needs going forward, and providing for more efficient use of Frugl’s operating capital.
The partnership with Trienpont lasted eight months, through which, Trienpont became a critical part of the Company’s business, albeit on a consultancy basis.
Frugl predicts the acquisition will enable it to better harness Trienpont’s services, thus deliver improved growth to Shareholders.
The acquisition will also enable the Company to accelerate the software development of its platform, and facilitate the development of its Machine Learning (ML) and Artificial Intelligence (AI) integration projects.
Frugl Group’s Managing Director Kenny Woo said the Machine Learning and Artificial Intelligence belong at the very heart of Frugl’s value proposition.
“ML and AI will allow Frugl to offer its users more intelligent recommendations and enhance the quality and accuracy of the data that it offers its corporate clients,” he said.
“Trienpont’s core competencies and abilities will ensure that Frugl is able to future-proof its core business model and transform its products to an independently intelligent solution harnessing the power of Big Data and AI to continuously evolve and provide an unbeatable user value proposition.”
Trienpont International is a South East Asian based technology business specialising in Digital Transformation, Software Development, Cloud Migrations & Integrations, and Technical Consulting, with an existing client base in Australia, Asia, and Western Europe.
Trienpont International’s CEO Vincent Trienpont said the company is thrilled to be a catalyst of technological innovation between Australia, Asia, and Europe.
“Our team’s knowledge and experience will propel Frugl’s existing products into the next generation, including the Frugl App and Infocus Analytics, whilst allowing us to offer a wide range of bespoke technology solutions to the APAC region,” he said.
FGL’s Australian Securities Exchange-listed share price has increased 14.29% and is currently trading at $0.008 (8.35am UTC+ 8 hours).