LONDON: Symphony International Holdings Limited, through a wholly-owned subsidiary, entered into a transaction for an investment in Smarten Spaces Pte. Ltd. (SSPL).
SSPL is a Singapore based SaaS (Software-as-a-Service) company that provides software solutions for space management in commercial and industrial properties.
SSPL has developed a platform with over thirty microservices that clients select from, to manage a variety of functions that include building access control, reservation of conference rooms and individual workstations, room temperature and lighting, co-working and co-living spaces, F&B services, and community bulletin boards.
Clients are typically large corporate employers interested in increasing space utilization in the commercial properties they occupy, owners of commercial properties interested in offering value added services to their tenants, operators of co-working and co-living businesses, and industrial property owners looking to improve security and throughput of logistics operations.
SSPL was founded in 2017 by Dinesh Malkani and co-founders Anushka Verghese and Prithvi Shergill and has since rapidly acquired customers in Singapore and India. Through R&D work at its technology centre in Bengaluru, India, SSPL continuously upgrades its space management solutions by leveraging new developments in IoT devices and cloud computing services.
Symphony has entered into agreements that will provide a minority position in SSPL, which will represent less than 5% of Symphony’s NAV.
Anil Thadani, Chairman of Symphony Asia Holdings Pte. Ltd. and a Director of Symphony, said: “This is our first investment in a SaaS company and we are looking forward to working with Dinesh and his team to grow the business, especially in the Real Estate and Hospitality industries where we have deep connections and significant investment experience.”
Dinesh Malkani, CEO of Smarten Spaces Pte. Ltd. said: “The industry of spaces is growing and transforming exponentially. Our customers include leading Fortune 100 and real estate companies that are seeing tremendous benefits in the area of employee and tenant experience, productivity and cost. We are very excited about our partnership with, and investment from, Symphony which will help us provide more innovations to our customers and scale globally.”