KoinWorks Completes Acquisition of Software Developers in Yogyakarta

KoinWorks has completed a full acquisition of a software developer in Yogyakarta for an undisclosed amount. All the talents of the company are merged into a team engineering for KoinWorks -- the process is known as acquire.

To DailySocial, KoinWorks Co-Founder & CEO Benedicto Haryono explained that this acquisition was completed about two months ago. Since then, the company has been completely merged with KoinWorks.

"It's on, there is a new office in Yogya. Their function is to full engineering course, the atmosphere is created'very campus so that they can work in a relaxed manner," he explained, when met at the 2019 NextICorn International Summit, Thursday (14/11).

There are 40 additional talents engineering from there. However, he was reluctant to mention the name of the company he acquired for sensitive reasons.

He reasoned to acquire the company, because it has quite good talent. Moreover, internally, KoinWorks itself is indeed strengthening the ranks of the team.

Previous, Benedicto already submitted this acquisition plan at the beginning of the year after securing Series A+ funding from Quona Capital. At that time his mission was to develop an R&D center.

In addition to strengthening the team engineering, the company is adding a new team for mid to high level for products and services legal compliance. KoinWorks currently has around 200 employees, located in Jakarta and Yogyakarta.

Earlier this month, KoinWorks announced the acquisition of additional funding Series B and Series B2 worth SG$18,5 million (equivalent to 190 billion Rupiah) from Saison Capital, fund specifically established by Credit Saison. This funding makes it the first portfolio company from Saison Capital in Indonesia.