Singapore, 10 May 2016 – Tagit, an award-winning mobile solutions company, today announced that it has secured around SGD12 million in strategic growth investment from the SRA Group, an information technology (IT) company from Japan. This additional funding is raised to support Tagit’s international expansion plans as the company sets its sights on growing its market footprint globally.
Headquartered in Singapore with subsidiaries in India, Malaysia, Indonesia and Canada, Tagit is a leading provider of digital technology solutions. Notably, it was amongst the first Singapore-based companies to be accredited under the Accreditation@IDA program for its digital platform Mobeix™, which enables banks, the public sector and enterprises to rapidly build secure, scalable and innovative digital applications. Tagit has won many industry accolades and awards in recognition of its innovative technology and sound business model, and has been recognized as a Leader in the Q4 2015 Forrester Wave: Mobile Banking Solutions report.
The SRA Group focuses on providing cutting-edge enterprise systems, managed services as well as systems integration capabilities to a wide range of verticals, both through partners as well as via developing its own proprietary IP. The company has seen growing demand for applications enabled by digital transformation technologies such as open source code, cloud, big data and mobile, and aims to join forces with partners which can offer outstanding digital technology to help its customers gain a competitive edge. Tagit brings game-changing technology to the table, and found SRA the perfect fit with its long-established presence in Japan and North Asia.
The SRA investment in Tagit brings a great deal of synergy for both companies, which have complementary expertise in overlapping verticals and strong international success in different parts of the world. SRA has helped develop modernized systems for the banking, insurance, education and healthcare verticals, among others, while Tagit has brought fintech and digital solutions to prominent financial institutions such as UOB, Axis Bank, Bank Danamon Indonesia, Royal Bank of Canada and Citibank India, as well as government agencies in the region.
Tagit plans to utilise the new funds to enhance its solution capabilities for fintech and the financial vertical while also boosting staff strength in Malaysia and Indonesia, which are experiencing significant demand for its offerings. The company will also prepare to set foot in Japan and North Asia, where SRA has accumulated especially deep local expertise, and expanding its value proposition for new verticals, especially in those where SRA has domain knowledge.
“Tagit sees a significant opportunity in the high-growth digital banking and Smart City sectors, where we have an extensive track record of successfully delivering pioneering digital solutions. Our partnership with SRA will enable us to accelerate growth in these verticals, while expanding our reach to markets and verticals where SRA has a strong presence. We look forward to collaborating with SRA to enter markets like Japan and North Asia as well as introduce digital solutions to solve real challenges in verticals such as insurance and education,” said Tagit’s CEO Sandeep Bagaria.
“The strategic alliance between SRA and Tagit will enable both companies to widen their business reach in Asia, targeting both Japanese and non-Japanese companies. SRA will leverage on Tagit’s deep experience and broad capabilities in designing and developing digital products and services that offer new ways to bring value to the customer experience. We will work with Tagit to build new digital solutions based on its domain knowledge in the financial sector and other verticals, as well as achieve the company’s midterm targets of globalisation and development of new IP solutions,” said Toru Kashima, President, SRA Holdings.
SRA has invested the funds through its Singapore subsidiary SRA IP Solutions (Asia Pacific) Pte Ltd.