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CLPS Incorporation Acquires Remaining Ownership Stake of Ridik to Further Advance Global Footprint


[December 29, 2020]
CLPS Incorporation Acquires Remaining Ownership Stake of Ridik to Further Advance Global Footprint
HONG KONG, Dec. 29, 2020 /PRNewswire/ CLPS Incorporation (Nasdaq: CLPS) ( CLPS or the Company ), today announced that, through its indirectly wholly owned subsidiary, CLPS Technology (Singapore) Pte. Ltd., it has acquired the remaining 20% ownership stake in Ridik Pte. Ltd. ( Ridik ), a Singapore-based IT services company in which CLPS initially acquired 80% equity in September 2019. As a result, Ridik is now a wholly owned subsidiary of CLPS.
CLPS has achieved significant growth in the Southeast Asia market since the initial acquisition of Ridik. For the year ended June 30, 2020, revenue generated from Singapore increased by 191.8% to $7.37 million compared to the previous year period. With Ridik s financial growth contribution and business development potential, it will further drive the Company s global expansion strategy, including healthier ....

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