Digital consulting firm nexlabs attracts US$150,000 from MSH

London-listed? Myanmar Strategic Holdings Ltd has agreed to make a strategic minority investment in Myanmar-based digital consulting firm, nexlabs, worth a total of US$150,000, the investment holding company said yesterday.

MSH said in a statement that nexlabs, under CEO Ye Myat Min, has created and developed digital products and integrated marketing solutions for a wide range of international and local brands to become “one of Myanmar’s leading digital consulting firms”. Its customers include Carlsberg, Samsung, Wall Street English, MPT, City Mart Holdings, Wave Money and Yoma Bank. In January, the Yangon-based start-up raised a six-digit equity investment led by Singapore-based venture capital firm Vulpes Innovative Myanmar Investment Company (VIMIC).

Enrico Cesenni, MSH CEO, said that nexlabs is a firm that has “in a space of just five years established itself as a leader in Myanmar’s flourishing digital landscape.”

“The investment reflects our aim of growing MSH’s presence in Myanmar through diversification into strategically important sectors, whilst also maintaining a high-quality service offering across our established portfolio of hospitality and education businesses,” he commented

Mr Cesenni added that the investment company sees the investment as a chance to enter the domestic digital economy, where “a young, tech savvy population” supports its rapid growth.

Ye Myat Min, CEO of nexlabs, said that the company will complement MSH’s goals in its education business where nexlabs has been instrumental to establishing Wall Street English’s digital platform.

In 2016, MSH diversified into the education market by acquiring the rights from the UK’s Pearson Education to open English language centres for adults in Myanmar. It opened its English language centre in Yangon last February 2017, spanning over 800 square metres over five floors, followed by the second centre last November.

Last month, MSH and Auston Institute of Management announced a joint venture to set up and operate a private school in Yangon.

The initial curriculum will include the Diploma in Engineering Technology, Diploma in Construction Project Management and Diploma in Networking, Information Systems and Security.

MSH also announced the planned opening of its third Wall Street English language centre in Yangon in August. It opened the first two centres last year and is targeting up to ten centres across Myanmar by 2027.

MSH is headquartered in Singapore and Yangon and listed on the London Stock Exchange. It is headed by Mr Cesenni, a former investment banker and now the largest shareholder of the company. The company first invested in the country’s hospitality market in August 2014 with the acquisition of the development and management rights of Ostello Bello Bagan, a boutique budget hotel located in Bagan. Its portfolio has since expanded to include three more Ostello Bello hotels in Bagan, Mandalay and Inle Lake. The hotels have 500 beds in total.

Source: Myanmar Times

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