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Orangekloud Technology Signs S$1M Strategic Investment in Award-Winning Cybersecurity Firm, Evvo Labs
SINGAPORE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Orangekloud Technology Inc. (Nasdaq: ORKT) (“Orangekloud” or “the Company”), a Singapore-based technology company
About this update from Orangekloud Technology Inc.
[{"type":"text","content":"SINGAPORE, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Orangekloud Technology Inc. (Nasdaq: ORKT) (“Orangekloud” or “the Company”), a Singapore-based technology company offering the eMOBIQ® No-Code platform for the development of mobile applications and SaaS subscription-based ISV Solutions, today announced the signing of an Investment Agreement with Evvo Labs Pte. Ltd. (“Evvo Labs”), an established and award-winning Cybersecurity company in Singapore. Investment and Collaboration Highlights: Orangekloud to invest S$1,000,000 (approximately $761,000) for a 3.23% shareholding stake in Evvo Labs.The strategic collaboration will enable OrangeKloud to leverage Evvo Labs' cybersecurity capabilities to elevate ORKT’s offerings of digital transformation solutions, benefitting the Company’s end-user enterprise customers.Orangekloud’s investment will contribute to Evvo Labs’ product enhancement and market expansion into Singapore and Vietnam. Orangekloud and Evvo Labs said they expect the strategic agreement to produce “positive synergies” enabling both parties to strengthen the competitive positions in their respective product markets, as well as facilitate the development of additional products and services. “We are looking forward to our newfound investment and collaboration with Evvo Labs,” said Orangekloud CEO Alex Goh. “This strategic investment, we believe, will not only enable Orangekloud to better serve and protect our enterprise end-users but also create a source of new product revenue.” About Orangekloud Technology Inc. Orangekloud Technology Inc. (Nasdaq: ORKT) is a Singapore-based technology company which offers the eMOBIQ® No-Code platform to develop mobile applications specially designed for Small and Medium Enterprises (SMEs) and corporations. The eMOBIQ® suite of mobile applications designed to digitalize and streamline business processes in operations includes warehousing, sales ordering, delivery, and manufacturing. eMOBIQ® customers come from various industries, including food manufacturing and food service, precision engineering, construction, retail, energy, and warehouse management. About Evvo Labs Evvo Labs Pte. Ltd. is an established cybersecurity company in Singapore with over 13 years of proven track record in delivering and protecting the Government, MNCs and Enterprises’ business and operations. It has been a Singapore...