avills Singapore today announced the purchase of a further 8% stake in Pegaxis, a B2B e-procurement property management services platform taking its holding to 15%.
Pegaxis, a Singapore startup, is an online e-procurement platform focused on the property management industry’s procurement of repairs, maintenance and small works services. Pegaxis provides tools which offer both managers and owners of condominiums and commercial properties a much-needed framework to help keep track of contracts, enhancing efficiency, accountability and transparency which translates into significant time and cost savings.
With broad industry support, Pegaxis currently services 260 residential properties through 8 management companies. The Savills portfolio, one of the largest in Singapore, will increase the start-up’s portfolio by over 50%, to a total of close to 25% of Singapore’s private residential market.
Christopher J. Marriott, CEO of Savills South East Asia said, “Savills investment into Pegaxis is in line with our focus on the digital transformation of many of the property management industry’s internal processes. It’s great to be working with such a dynamic team lead by Ted Poh.” He added, “We look forward to supporting Pegaxis in their quest to revolutionize the marketplace and give them a stepping stone into the Asia Pacific region through Savills two billion sq ft management portfolio.”
Ted Poh, co-founder and CEO of Pegaxis said, “We have had a very exciting few months after participating in the DBS HotSpot Pre-Accelerator Programme and now this strategic investment from Savills, a significant market player, will allow us to accelerate our marketing both locally and in the Asia Pacific region. It has been great working with Chris and his team of industry specialists.”
Pegaxis is one of the 9 finalists in the DBS HotSpot 2016 Pre-Accelerator Programme, designed to cultivate entrepreneurship in Singapore through experimentation, mentorship and training.