Singaporean retail startup Trax Technology Solutions Pte. Ltd. is in discussions with a few private equity firms for a new US$100 million financing round, Bloomberg News reported, citing an interview with Trax CEO Joel Bar-El.
Bar-El told the publication that the round could wrap up by end of June and the planned capital raise is based on a pre-money company valuation of about US$1.1 billion.
The proceeds will be used to finance the company's three acquisitions, two of which are still under negotiation. Trax recently agreed to buy PPZ LTD., or LenzTech Co., a Beijing-based computer vision technology services provider, for an undisclosed amount. It is also in advanced talks to acquire a European competitor and a U.S. company, Bar-El said.
Trax is looking into a potential IPO in the next 18 to 24 months, Bar-El said, adding that the company has long intended to list itself on Nasdaq or the NYSE. However, Trax is now in discussions with SGX for a potential dual listing in Singapore and New York, a proposal being reviewed by the company, Bar-El said.