Singapore office-design firm Space Matrix acquires B2B e-commerce site Pursuite amid strong demand for flexible workspaces
- Acquisition aims to simplify a disjointed supply chain and make planning and executing office designs more seamless, company says
- Space Matrix is seeing strong demand for office redesigns in Singapore, Southeast Asia and India, as companies adapt to flexible working arrangements
Singapore-based Space Matrix, the sixth-largest international design firm in the world by revenue, has acquired Pursuite, one of Asia’s first and largest B2B e-commerce platforms for procuring furniture, fixtures and equipment.
With the move, Space Matrix aims to make planning and executing office designs more seamless, according to the company’s top executive.
The acquisition could indicate a trend for design firms that are looking for a way to sell products and services through the lucrative e-commerce space and reach a larger market through an omnichannel approach, according to an analyst.
“The annual addressable market size of the workplace design and build industry in Asia alone is more than circa S$15 billion [US$10.8 billion],” said Arsh Chaudhry, CEO of Space Matrix. “However, the process of procuring products and services to build an office is still very archaic and is filled with multiple issues including cost and time unpredictability, quality and consistency of products, price transparency, governance, and even product discovery. Hence, the applicability of a digital procurement platform like Pursuite for the workplace sector is immense.”
Space Matrix has 16 offices in Australia, mainland China, Hong Kong, India, the Philippines, Thailand, Singapore and the United States.
