Ascentium, a new global business services platform backed by Hillhouse Investment, has announced its official launch of the Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO.
Ascentium's launch comes at a key moment in global business trends. The arrival of technological progressions now permits Ascentium to prioritize improvements in client pain points and internal efficiency. Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritize core operating productivity and sustainable real business growth.
Ascentium's first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.
Lennard Yong, Founding Management and Group CEO of Ascentium commented, "I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse. From the beginning, Hillhouse shared our observations about shifting global trends and recognized the need for business service providers to capitalize on these changes. Ascentium's core mission is to globalize the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients".
Lennard added, "Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people. I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets. We are excited about the future and look forward to our partnership with Hillhouse, our clients, and our people".
Sean Carney, Partner and co-head of Global Buyout at Hillhouse Investment, said, "Lennard is an experienced industry leader with a proven track record in building business services platforms globally. We are thrilled to partner with his team on Ascentium's growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium's understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a complex global environment".