Philippines-based payroll and HR software company Salarium has reportedly stopped operations over “technical issues” that it has been unable to resolve. In a separate development, UAE-based private equity firm Gulf Capital has announced its exit from AmCan, a MENA-based distributor of sports nutrition products.
Salarium said to have stopped operations
Philippines-based payroll and human resource software company Salarium has reportedly stopped operations over “technical issues” that it has been unable to resolve.
Tech in Asia reported today that Salarium founder Judah Z Hirch had confirmed the suspension which began on December 31, 2023. “Last December we were affected by some technical issues that we could not resolve with the current operating team and thus needed to suspend the services,” he said according to the report.
Founded in 2013, Salarium is an end-to-end payroll system providing attendance keeping, payroll and expense processing, and salary disbursement services. In 2015, Salarium won the Seedstars World competition in Switzerland. It raised some $1.7 million in funding rounds by 2016 and raised a futher $13.5 million in an initial coin offering.
Gulf Capital exits sports nutrition products distributor AmCan
UAE-based private equity firm Gulf Capital has announced its exit from AmCan, a MENA-based distributor of sports nutrition products. Gulf Capital completed the sale of AmCan to a regional FMCG distributor operating across the Middle East and Africa, according to a release.
“We are thrilled with the successful closing of this sale to a regional strategic buyer, as we believe AmCan will find in its new owner the financial support, operational expertise, and depth of network that will take it to new heights,” said Mohammad Madani, managing director at Gulf Capital.
The private equity firm invested in AmCan in 2016 from its third buyout fund, GC Equity Partners III. Gulf Capital claims that during its ownership, AmCan grew its revenues and gross margin by over 50% fueled by geographical expansion and investment in operating processes.
Gulf Capital announced its exit from business process outsourcing services company iSON Xperiences in October last year. The firm also exited a food distribution firm, Chef Middle East, selling it to The Chefs’ Warehouse, a Nasdaq-listed specialty food distributor operating across North America.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DealStreetAsia – https://www.dealstreetasia.com/stories/salarium-suspends-operations-378077/
