CLPS Incorporation (NASDAQ: CLPS) was one of the top gainers just ahead of Christmas. The stock rallied to close the day with gains of 47.13%. This came after it announced that, it had completed the integration of Infogain Pte Ltd and RidKik Pte Ltd into its Singapore Division, known as CLPS Singapore.
Through this integration, the company expects CLPS Singapore to record a growth of more than 200% year over year, in the upcoming 2020 financial year. The company also forecasts that after 2020, it could record growth in the double digits, driven mainly by strong growth in its FinTech services in Southeast Asia.
The company bought its two main subsidiaries RidiK and Infogain in the past two years. Both companies are I.T services providers that have their headquarters in Singapore. Through this integration, the company expects to get better management and operational efficiency, offer customers better services, better grow its overseas operations, and also strengthen its share of the Asian I.T market, especially in Southeast Asia. They also expect that this move will help with international business development in the future.
According to Mr. Henry Li, the COO of CLPS, the company is committed to expanding its operations globally. He added that, they believe the company will also enhance its competitiveness in Southeast Asia, and will also act as a gateway to the company’s goal of global expansion.
The founder of RidKik, who also doubles up as the CEO of CLPS Singapore, Mr. Srustijeet Mishra stated that, the integration will allow them to expand and improve overall efficiency. He added that, it will help them improve their overall profitability and become a major contributor of the company’s development in Asia.
From the charts, the stock traded between a low of $4.68 and a high of $8.86 before closing the day at $6.40. Volumes in the day stood at 1.27 million.
About CLPS Incorporation
CLPS Incorporation is an information technology company. It is based in Shanghai, China.