Bualuang Ventures has invested in STelligence, a digital transformation and data analytics technology service provider in an effort to meet the needs of businesses looking for solutions to help upgrade their work processes and increase efficiency to chart a path for strong, consistent growth in the digital age. In line with its ‘trusted partner’ philosophy, Bualuang Ventures aims to expand the market through the Bank’s business customer base by introducing quality service providers to support its customers’ business transformation as they work to seize greater opportunities in the digital market.
Mr. Krit Phanratanamala, Managing Director of Bualuang Ventures said it decided to invest in STelligence Company Limited to help businesses grow exponentially by adopting and implementing new digital technology and innovation to the internal work processes. This is to improve working efficiency and enhance information security in terms of taking various data to process for in-depth analytics which will further add value to the business.
“In the past, we have talked a lot about big data. Although many businesses have been collecting data continuously, they still need solutions that will help analyze those data into effective strategies and business plans. Meanwhile, Thai businesses have been increasing investment in IT and technology to drive growth in the digital age and increase competitiveness, especially after the outbreak of Covid-19, which is considered a catalyst for wide-ranging technology adoption. Therefore, it is a good business opportunity for Bualuang Ventures to jointly invest in and become a partner with STelligence”.
In addition to the investment that STelligence has received, representatives of Bualuang Ventures will sit on its Board of Directors. This is to give advice on business operations and follow up on the company’s performance, particularly in the development of internal control systems and good governance principles, and to prepare for STelligence to be listed on the Thai stock exchange. This will be another dimension to the help that Bualuang Ventures can provide to STelligence to ensure its steady growth.
Mr. Krit also added that by partnering with STelligence, Bualuang Ventures will also be exploring ways to offer enhanced digital transformation and data analytics services to Bangkok Bank’s customers for large corporates and small and medium-sized businesses. As there are growing needs for IT and data analytics services from many businesses, this will further enhance the efforts of STelligence to grow its user base and reach new customers in a variety of industries.
“We see this deal as a reinforcement of Bangkok Bank’s position as a trusted partner. In addition to providing financial advice and services, which is the main role that the Bank delivers to customers, we are ready to help them adapt and prepare for new challenges. This includes introducing quality service providers such as STelligence to our customers who are looking for digital transformation solutions to improve their business operations to cope with emerging challenges and opportunities while growing the business in a strong and sustainable manner,” said Mr. Krit.
Dr. Santisook Limpeeticharoenchot, Chief Executive Officer of STelligence, said “We are very pleased that Bualuang Ventures is confident in us and recognizes the importance of Big Data analytics and leveraging data for data analytics, cybersecurity, cloud computing and AI. Bualuang Ventures sees our potential and has provided funds for us to grow and offer an even wider range of services to support the growth of IT solutions for Bangkok Bank customers and meet the needs of customers.
For this fundraising, STelligence plans to use the funds to expand its business and as the working capital to support the growth of the company with the aim of being listed on the Stock Exchange of Thailand in the future. The company will invest in the development of new solutions that are easy to use, solve problems and meet the needs of customers of the Bank and other industries including small, medium and large organizations. The company aims to enhance the capability of data analytics to be accurate and professional so that businesses can use the information to make decisions and plan strategy that correspond to their objectives while enhancing competitiveness and efficiently solving problems. This fosters Thai businesses to grow in the digital era.
Dr. Santisook added that STelligence plans to expand its business in three areas as follows:
- Enhance the capabilities of service, skills and new products to keep up with the rapidly changing needs in the Digital First era or the upcoming AI First era.
- Expand a wider range of business partnerships to scale the company’s strengths in data analytics, automation and cybersecurity by aiming to build different types of ecosystems to enable strong, steady growth.
- Develop new digital services such as cloud computing to speed up digital transformation in an organization, implement artificial intelligence to drive AI transformation to enhance business competitiveness, and use AI and automation to enhance cybersecurity services increase protection against cyber threats.
“In terms of the company’s growth plan, we aim to achieve exponential growth in the next 5 years to be the cornerstone for the development of the organization for sustainable growth. We will accelerate the creation of new technology services and products that keep up with the rapid changes in today’s world. We will also strive to continuously create business value for both customers and business partners while developing our team to have digital skills to be an important force in bringing digital technology to create added value for the organization and the society at large in the long run.”