Beng Kuang Marine has entered a deal to acquire a 10 percent stake in Singapore-based internet-of-things (IOT) startup I.O.T. Workz, the offshore and marine service provider said in a filing to SGX Monday.
In addition, Beng Kuang will have a right of first refusal to acquire another 20 percent stake in I.O.T. Workz, the filing said.
“The technology and innovations from I.O.T. Workz offer a broad range of IoT solutions to improve its clients’ productivity and enhance their competitiveness,” Yong Jiunn Run, CEO of Beng Kuang, said in the statement.
“Through this acquisition, we aim to build on our technology ambitions to create new business opportunities and strengthen our business model, so as to deliver value to our employees, customers and communities that we serve,” Yong said.
I.O.T. Workz has developed software to integrate smart devices, fixtures and appliances, as well as services related to industrial IOT projects, with centralised management. The startup, a spinoff from the Agency for Science, Technology and Research (A*STAR), had deployed automation projects in offices, communities, hospitality, healthcare and education, the filing said.
In addition, Beng Kuang said it has appointed Mike Chua as chief technology officer of its newly established in-house strategic innovation business unit.
The new unit will focus on staying current on technology developments and emerging trends to improve core businesses and improve sustainability, Beng Kuang said, adding the unit will also aim to incubate promising startups and set up technology partnerships.
Beng Kuang Marine is an offshore and marine service provider, offering infrastructure engineering, corrosion prevention, supply and distribution, and shipping.