Philippines-based payroll and HR software application business Salarium has actually supposedly stopped operations over “technical concerns” that it has actually been not able to solve. In a different advancement, UAE-based personal equity company Gulf Capital has actually revealed its exit from AmCan, a MENA-based supplier of sports nutrition items.
Salarium stated to have actually stopped operations
Philippines-based payroll and personnel software application business Salarium has actually supposedly stopped operations over “technical problems” that it has actually been not able to solve.
Tech in Asia reported today that Salarium creator Judah Z Hirch had actually validated the suspension which started on December 31, 2023. “Last December we were impacted by some technical problems that we might not fix with the existing operating group and therefore required to suspend the services,” he stated according to the report.
Established in 2013, Salarium is an end-to-end payroll system supplying presence keeping, payroll and cost processing, and wage dispensation services. In 2015, Salarium won the Seedstars World competitors in Switzerland. It raised some $1.7 million in financing rounds by 2016 and raised a futher $13.5 million in a preliminary coin offering.
Gulf Capital exits sports nutrition items supplier AmCan
UAE-based personal equity company Gulf Capital has actually revealed its exit from AmCan, a MENA-based supplier of sports nutrition items. Gulf Capital finished the sale of AmCan to a local FMCG supplier running throughout the Middle East and Africa, according to a release.
“We are delighted with the effective closing of this sale to a local tactical purchaser, as our company believe AmCan will discover in its brand-new owner the financial backing, functional proficiency, and depth of network that will take it to brand-new heights,” stated Mohammad Madani, handling director at Gulf Capital.
The personal equity company bought AmCan in 2016 from its 3rd buyout fund, GC Equity Partners III. Gulf Capital declares that throughout its ownership, AmCan grew its earnings and gross margin by over 50% sustained by geographical growth and financial investment in running procedures.
Gulf Capital revealed its exit from organization procedure contracting out services business iSON Xperiences in October in 2015. The company likewise left a food circulation company, Chef Middle East, offering it to The Chefs’ Warehouse, a Nasdaq-listed specialized food supplier running throughout North America.