Indonesia e-commerce enabler SIRCLO merges with solutions startup

Linda J. Dodson

JAKARTA — Indonesia-based e-commerce enabler company SIRCLO has agreed to merge with e-commerce solutions startup ICUBE, according to a statement.

Following the merger, which will bring together more than 450 employees, ICUBE will continue to operate as an independent entity integrated with the services offered by SIRCLO.

No financial details were disclosed in the announcement.

ICUBE founder and managing director Muliadi Jeo will replace Leontius Adhika Pradhana as SIRCLO’s chief technology officer. Leontius will take up the role of chief product officer.

Founded in 2013, SIRCLO provides solutions to help businesses sell online through SIRCLO Store, a SaaS platform that helps create online shop sites for small and medium-sized enterprises, or SMEs, and SIRCLO Commerce, which addresses the needs of corporate brands as they enter online distribution channels.

ICUBE is an agency providing technology and e-commerce solutions for retail and has launched and managed more than 100 Magento-based sites. It has also launched Swift products to meet the e-commerce and omnichannel needs of medium-sized businesses

The merger will see SIRCLO, which focuses on big brands and Micro, Small & Medium Enterprises, or MSMEs, and ICUBE, which specializes in medium-scale businesses, combine and amplify their strengths to serve brand and business owners.

“We are always open to opportunities to improve our abilities,” said SIRCLO CEO Brian Marshal. “When we see the potential to merge with ICUBE, we are increasingly confident that we can carry out this mission on a larger and more comprehensive scale through the combined strengths of the two companies.”

Marshal said that the merger took place at the right moment when additional resources will help SIRCLO and ICUBE to serve more MSMEs and brands that need fast services amid the coronavirus pandemic.

For SIRCLO, the merger comes a year after it reportedly raised $5 million in a Series A funding round backed by Skystar Capital, East Ventures, Sinarmas Land and BEENOS Plaza, the investment vehicle in Indonesia of Japan’s BEENOS.

The company previously raised an undisclosed amount in seed funding from East Ventures in 2014.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

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