Avanseus Agrees to Merge with Fat Projects Acquisition in $136M Deal

Avanseus Holdings Pte. Ltd. and Fat Projects Acquisition, both based in Singapore, today announced a business combination agreement that would give Avanseus a pro forma enterprise value of approximately $135.7 million. If approved, upon closing the combined company is expected to continue trading on the Nasdaq under a new ticker symbol.

Deal details were scant in the press release announcing the transaction, noting only that the SPAC may seek PIPE financing. Fat Projects raised $100 million in an October 2021 IPO. A subsequent 8-K filing following the deal announcement did not shed any further light on financial terms.

Avanseus specializes in building enterprise solutions driven by analytics, artificial intelligence, machine learning, and cognitive computing. It has developed a suite of artificial intelligence-based proprietary algorithms that continuously analyze relevant data and is currently focused on predictive operations and maintenance software, primarily in the telecommunications sector. Avanseus solutions are deployed in Asia, the United Kingdom, Europe, and South America.

Avanseus was founded in 2015 and is headquartered in Singapore, with employees based in Singapore, India, and Italy, and a network of partners across key global markets.

Lucosky Brookman is serving as U.S. legal counsel to Avanseus and Eng is its Singapore legal counsel. Nelson Mullins Riley & Scarborough is U.S. legal counsel to Fat Projects and Pinsent Masons MPillay and Harneys Westwood & Riegels are serving as Fat Projects Singapore and Cayman Islands legal counsel, respectively. EF Hutton is capital markets advisor on the deal. Read more.

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