TycheTools is thrilled to announce that we have advanced in evaluations for the Extreme Tech Challenge Semiconductors and AI Startup Cup, sponsored by ARM and Hon Hai Technology Group (“Foxconn”). Competing in the special category for advances in Data Center Efficiency, TycheTools is driving crucial innovations to reduce the environmental impact of data centers.  

“The Extreme Tech Challenge is an incredible opportunity to connect with tech leaders and venture capitalists,” says Cristina Chu, CEO of TycheTools. “I’m excited to return to San Francisco to be part of an event that celebrates innovations in AI and sustainability. We believe in the power of technology to create a better future. Advancing in this competition is a major milestone on our journey.”

Michael O’Keeffe, Senior Vice President of Global Services at Vertiv, highlighted their collaboration with TycheTools: “Our pilot at a major telecommunications provider’s data center in Madrid demonstrated the power of TycheTools’ hybrid AI cooling control. During the peak of the Madrid summer, their solution delivered significant energy savings, improved thermal stability, and gave operators greater control—all within hours of deployment.”

TycheTools CTO and founder, Jose Manuel Moya, will be attending the announcement of finalists with Cristina at Salesforce Tower on October 28th. “Tyche,” adds Cristina, “is taking the lead on machine learning to optimize thermal environments and control cooling holistically in data centers. We’re ready to scale these solutions globally and help shape the future of sustainable data center operations.” 

About Extreme Tech Challenge (XTC) 

Founded by legendary Silicon Valley venture capitalists Young Sohn and Bill Tai, XTC is the world’s largest platform to accelerate startups addressing the UN Sustainable Development Goals. XTC provides exceptional founders the potential for global visibility, venture investment, corporate collaborations, and world-class mentorship. Since 2015, XTC finalists have raised $4.4B+ in investment capital. For more information, and for the latest news and content from XTC, visit extremetechchallenge.org 

About Vertiv 

Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers’ vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today’s data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com. 

About TycheTools 

TycheTools brings together hardware, software, analytics and artificial intelligence to enable customers to automate their cooling systems, saving energy while optimizing performance. TycheTools solves the most important challenges facing today’s data center operators, whether they run a colocation, enterprise or hyperscale facility.  Our smart software manages cooling systems, so operators can deliver the tightest control to their customers and get their weekends back.  For more information, visit TycheTools.com 

Media Contact:
Company Name: TycheTools
Contact Person: Ken Dubin
Email: ken.dubin@tychetools.com
Country: Spain
Website: https://tychetools.com/

Accretive acquisition that is synergistic to the Group’s business model and expected to yield significant opportunities and additional financial benefits. Bringing a wealth of expertise and talent that enhances the Group’s leadership and experience in the F&B industry. The Group recently completed a rights issue that was oversubscribed with net proceeds of S$8.4 million raised for future expansion and working capital.

On the left: Independent and Non-Executive Chairman of GS Holdings Limited, Mr Irwin Lim

On the right: Founder and Chairman of Octopus Distribution Networks Pte. Ltd., Dato Elaine Teh

SINGAPORE, 23 October 2024 – GS Holdings Limited (“GS Holdings” or the “Company” or “伟盛有限公司” and together with its subsidiaries, the “Group”), is pleased to announce that the Group has signed a binding agreement to acquire Octopus Distribution Networks Pte. Ltd. (“Octopus Distribution Networks”), a Singapore-based integrated beverage solutions group, for a purchase consideration of S$11.8 million.

GS Holdings’ Independent and Non-Executive Chairman, Mr Irwin Lim Kee Way, said, “We are pleased to announce the acquisition of Octopus Distribution Networks, which provides the Group with immediate access to new customer base and operating scale within the beverage sector in Singapore’s F&B industry.

Led by Dato’ Elaine Teh, the team at Octopus Distribution Networks has built an exceptional business enterprise that is dedicated to operational excellence and customers satisfaction for over 13 years.

With fully in-place infrastructure, including personnel and distribution networks, Octopus Distribution Networks has differentiated itself with unique value propositions and a strong base of customers, and we believe that there are significant opportunities for growth in existing and new markets.

I trust this next step in our journey together will be incredibly positive for the Group.”

Octopus Distribution Networks’ Founder and Chairman, Dato’ Elaine Teh, added, “Today’s announcement marks a major step forward in our growth ambitions within the region’s F&B industry.

With the combined expertise, experience and resources, we will continue to build strong relationships with our customers and delivering value that consistently exceed expectations.

Together with GS Holdings, we are excited about accelerating the growth of our businesses and delivering results for years to come.”

Accretive acquisition that is synergistic to the Group’s business model and expected to yield significant opportunities and additional financial benefits

Founded in 2011 by serial entrepreneur Dato’ Elaine Teh Chooi Peng (“Dato’ Elaine Teh”), Octopus Distribution Networks has grown to become one of the leading integrated beverage solutions group in Singapore, providing a “one-stop” solutions hub, in the area of brand management, import, export, distribution, logistics and warehousing of alcoholic and non-alcoholic beverages and liquor, for both customers and beverage brand owners.

For customers, Octopus Distribution Networks represents an extensive portfolio of globally recognised beverage brands with various exclusive distribution rights. Currently, Octopus Distribution Networks has a product portfolio of more than 1,500 SKUs across approximately 200 beverage brands from 50 global brand owners. Octopus Distribution Networks also provides customised services that cater to the demands of both corporate and individual clients.

For beverage brand owners, Octopus Distribution Networks has become a trusted partner and a preferred beverage distributor in Singapore with a comprehensive distribution network comprising strategic distribution centres and third-party wholesalers in Singapore. With a deep understanding of the Singapore market, Octopus Distribution Networks also provides other value-added services, including market expansion strategies and customer engagement solutions, that aims to enable brand owners to quickly build brand loyalty and market share in Singapore.

Bringing a wealth of expertise and talent that enhances the Group’s leadership and experience in the F&B industry

Under the acquisition agreement, Dato’ Elaine Teh will become a controlling shareholder of GS Holdings and it will also bring on a professional management team with 80 years of collective experience in the beverage distribution industry to the Group.

Dato’ Elaine Teh is a serial entrepreneur with an accomplished business track record in various business ventures in Singapore, Malaysia and Australia.

Besides her current role as Founder and Executive Chairman of Octopus Distribution Networks, Dato’ Elaine Teh also holds multiple executive-level roles in various companies in different countries.

She is a Non-Executive Director of ASX-listed Australian Vintage Ltd, a leading Australian wine and drinks company, where their diversity of regions, broad portfolio of global brands, production capabilities and established winemaking pedigree have resulted in its brands being recognised and available in over 40 countries. Dato’ Elaine Teh is also the Founder & Executive Chairman of Etagreen Group in Malaysia, which is the owner and operator of a zero-waste biomass power plant in Perak, Malaysia, with assets of more than RM140 million.

In addition to her business roles, Dato’ Elaine Teh is actively involved in various business councils that nurture women entrepreneurs, promote gender diversity and inclusion, develop greater business collaborations and engagement with government agencies. Philanthropy is also something Dato’ Elaine Teh holds close to her heart, and she has generously facilitated several community building causes and initiatives across Southeast Asia with her time and resources.

Supporting Dato’ Elaine Teh as part her management team at Octopus Distribution Networks is Managing Director, Mr Matthew Ruscoe, who has been a trailblazer in Asia’s F&B and marketing industry for more than 12 years. With deep industry experience and strong regional network from his previous roles as the Regional Sales Director of Kerry Group and the Sales Director of Carlsberg Myanmar, Matthew undertakes a pivotal role in managing Octopus Distribution Networks’ marketing activities, supply chain operations and driving its strategic initiatives forward.

None of the Directors or substantial shareholders of the Company, as well as their respective associates, has any direct or indirect interest in the transaction stated here, other than through their respective shareholdings (if any) in the Company.

About GS Holdings Limited

(Bloomberg Code: GSHL:SP / Reuters Code: GSHO.SI / SGX Code: 43A)

GS Holdings Limited (“GS Holdings”) was incorporated in Singapore on 19 September 2014 and listed on Catalist on 18 January 2016.

With an aim to diversify its business model and create additional streams of income, GS Holdings has expanded into various business ventures in the food and beverage (“F&B”) industry. To harness its growth opportunities, GS Holdings is looking to further expand its brand presence across Asia and beyond via new franchising, licensing and distribution models.

For more information, please visit https://gsholdings.com.sg/.

This press release is to be read in conjunction with the Company’s announcement released on 23 October 2024, which can be downloaded via www.sgx.com.

Issued on behalf of GS Holdings Limited by 8PR Asia Pte Ltd.

Media Contact:
Company Name: 8PR
Contact Person: Alex Tan
Email: alex.tan@8prasia.com
Country: Singapore
Website: https://gsholdings.com.sg/