Ridik Fully Integrated Into CLPS Following Strategic Acquisition of Final Equity Stake

CLPS Incorporation (Nasdaq: CLPS) has formalized its complete ownership of Ridik Pte. Ltd., a Singapore-based IT services provider, by acquiring the remaining 20% equity stake through its subsidiary CLPS Technology (Singapore) Pte. Ltd. This move concludes the company’s phased acquisition strategy, which initially saw CLPS secure 80% ownership in September 2019.

The expansion into Southeast Asia through Ridik has delivered measurable results for the technology services provider. Revenue contributions from Singapore operations surged 191.8% year-over-year, reaching $7.37 million for the twelve-month period ending June 30, 2020. These figures underscore the strategic value of the regional market to CLPS’s broader international growth objectives.

With full control of Ridik now established, CLPS is positioning Singapore as the operational hub for its Southeast Asia division. This centralized headquarters model will serve as a launch platform for deepening market penetration and identifying new business development opportunities throughout the region and wider Asia Pacific geography.

Mr. Srustijeet Mishra, Chief Executive Officer of CLPS SEA Region, emphasized the partnership’s trajectory: “Our collaboration with CLPS has produced substantial operational progress in Southeast Asia. The transition to wholly owned subsidiary status strengthens our capacity to harness the parent company’s technological capabilities and industry knowledge. This structural change positions us to scale operations not only across Southeast Asia but throughout the broader Asia Pacific landscape.”

Henry Li, Chief Operating Officer of CLPS, outlined the company’s forward-looking priorities: “Southeast Asia represents a cornerstone of our global market strategy. By consolidating Ridik as a fully integrated subsidiary, we unlock opportunities for streamlined service delivery and market coordination. We are committed to deploying enhanced technological infrastructure, management expertise, and business model innovations that will elevate service quality for both current and prospective clients throughout the Southeast Asia region.”

CLPS maintains a distributed global delivery model with 18 operational centers spanning mainland China (Shanghai, Beijing, Dalian, Tianjin, Baoding, Chengdu, Guangzhou, Shenzhen, Hangzhou, and Suzhou) and international locations including Hong Kong SAR, USA, UK, Japan, Singapore, Malaysia, Australia, and India. The organization specializes in IT solutions, consulting services, and technology-enabled solutions targeting the banking, insurance, and financial services sectors.

This acquisition milestone reflects CLPS’s systematic approach to geographic expansion and underscores the company’s commitment to building localized operational capacity while maintaining global service standards in the financial technology domain.