‘M&A process in SEA is stuck in the dark age’: say match.asia co-founders

Singapore-based digital M&A platform match.asia aims to address the traditional challenges of the mergers & acquisitions (M&As) process, such as inefficiency, limited outreach, low success rates and high costs — through a marketplace model. The free-to-list platform leverages its 1,000-plus global buyer network and expertise to improve the traditional approach.

In this interview, its founders Marcus Yeung (MY) and Patrick Linden (PL) discuss the inefficiencies, costs, and manual processes plaguing traditional M&A, sharing insights into the creation of match.asia.

Edited excerpts:

Can you elaborate on the specific challenges in Southeast Asia’s M&A landscape that led to the creation of match.asia and how your platform addresses them?

PL: Traditional M&A is complicated, inefficient, expensive, and only available to larger companies. From a founder’s perspective, it is a hit-and-miss process on an ad-hoc basis.

Having been through several M&A processes as a tech founder, I find it rather painful. You tend to spend US$10,000-20,000 on fixed retainers each month and spend probably 25 per cent of your time as a founder preparing and accompanying that process. After months of preparation, the advisor starts reaching out to potential buyers, which is very manual and slow. Things often only work out after spending over US$100,000 and a lot of time and effort.

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MY: We solve this through our unique marketplace, which has thousands of sellers and buyers and our data-based matching system, enabling sellers and buyers to match quickly. We do not charge sellers or buyers to list; all listings are done on a no-names basis, making it easy for sellers to list without risk.

What inspired the marketplace model for match.asia, and how does the data-based matching system contribute to ensuring high-quality matches in M&A transactions?

PL: The typical M&A process in Southeast Asia is basically stuck in the dark ages. With match.asia, we aim to revolutionise that. We use a curated marketplace model with thousands of sellers and buyers, utilising technology that underpins our data-based matching system. This will lead to a much higher number of successful transactions, ultimately benefiting the whole ecosystem significantly.

MY: Buying and selling property, cars, household goods, services — these have all moved to marketplace models. Even dating. M&A is one of the last markets, which is still largely manual and hit-and-miss.

As founders and M&A experts, we know the pain points of M&A and can see that M&A is ripe for disruption. We work closely with sellers to present their data to buyers so they can be easily found through data-based matching. Sellers like us as we are a no-risk way for them to explore opportunities with 1000s of buyers. Buyers like us because we make it easy for them to find serious sellers.

Could you share examples of how match.asia’s innovative approach has already increased the success rates of M&A transactions, particularly for Asian SMEs? How many deals have you facilitated so far?

PL: Since we went live two weeks ago, we have been inundated with requests to list on our platform. We have onboarded over 100 sellers and offer access to over 1,000 global buyers. Several matches have already been made between buyers and sellers.

Given your extensive combined experience in M&A and entrepreneurship, how do you see match.asia impacting the accessibility of M&A as a strategic option for SMEs in the region?

PL: Our vision for match.asia is to significantly enhance the accessibility of M&A activities for SMEs in SE Asia. Leveraging our deep experience in M&A and entrepreneurship, we aim to democratise the process, making it more transparent, efficient, and cost-effective. Our platform serves as a bridge, connecting sellers with a global pool of buyers and providing tools to streamline the process, thereby enlarging the ecosystem for everyone involved.

MY: Most SMEs cannot access M&A as a strategic option. In their eyes, it is too expensive, risky, and often unsuccessful. We aim to change this. Through our M&A marketplace, data-based matching and free confidential listings, all good SMEs of any size will be able to get on the radar screen of 1000s of potential buyers.

Can you walk us through the decision-making process behind the platform’s pricing model, where it is free to list for sellers and buyers, with a success fee payable only upon transaction closure?

PL: Our decision to make match.asia free for listing both sellers and buyers, with a success fee only upon closing a transaction, stems from our commitment to promoting accessibility and trust. We understand SMEs’ hesitancy regarding upfront costs and fixed retainers in traditional M&A processes. By eliminating these costs, we open doors for more businesses to explore strategic growth opportunities without financial risk. Our success fee model aligns our interests with those of our clients, ensuring we are successful only if our clients are successful. This will encourage more SMEs to list on our platform, attracting more buyers.

In what ways does match.asia maintain confidentiality for sellers, considering that listings are on a no-name basis? How has this feature been received in the market?

MY: M&A is a very sensitive topic, and many sellers do not want to be openly seen to be interested in M&A. That is why we list all sellers and buyers on a no-name basis, to allow them to exchange information without reservation. We also list key data in ranges and aim to strike the right balance between giving enough information for buyers to be able to decide whether the opportunity is attractive to them and not being too detailed to be a concern to the seller. If a buyer is interested in a seller, they can ask to contact the seller and request detailed information once an NDA has been signed. This way, the seller maintains complete control over its confidential information.

How does match.asia leverage the global buyer network and expertise of its sister company, Seabridge Partners? In what specific ways does this collaboration enhance the capabilities of match.asia?

MY: match.asia collaborates closely with its sister company, Seabridge Partners, leveraging its 12-plus years of experience and extensive global buyer network to enhance the platform’s capabilities.

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This partnership enriches match.asia with a vast pool of potential buyers, elevating the platform’s ability to facilitate successful M&A transactions quickly. SEAbridge is a leading IB boutique in SE Asia with deep expertise in running M&A processes and an extensive global buyer network.

Can you share insights into the role technology plays in disrupting the traditional M&A processes and how match.asia maximises efficiency and successful outcomes through its platform?

PL: At match.Asia, technology disrupts traditional M&A by automating key phases like preparation, marketing, and matching, streamlining the process and enhancing efficiency. Our online marketplace of sellers and buyers and data-based matching system makes it easy for buyers and sellers to find their ideal partners. We have plans to leverage key technologies such as generative AI for broader automation across the M&A workflow, increasingly optimising outcomes over time.

As co-founders, how do you envision match.asia evolving in the future, and what impact do you hope it will have on the broader M&A ecosystem in Southeast Asia? How does match.asia align with the broader mission to make M&A more 
successful, accessible, and cost-effective for all parties involved, including 
sellers, buyers, and intermediaries in the M&A ecosystem?

PL: As co-founders, we envision match.asia not just establishing itself as the premier M&A platform in Southeast Asia but also as a catalyst for systemic change within the M&A ecosystem. Our ambition is to harness cutting-edge technology to redefine how M&A transactions are prepared, marketed and executed, making the process as seamless and efficient as possible. By doing so, we aim to significantly increase the volume of successful deals, bringing measurable benefits to sellers, buyers, and intermediaries alike. This vision extends beyond simplifying transactions — it’s about fostering a more vibrant, accessible, and dynamic M&A environment that propels economic growth and innovation across the region.

MY: Take the evolution of the real estate industry, for example. Just as property platforms like PropertyGuru revolutionised property transactions by increasing the numbers massively of sellers and buyers, making them more transparent and efficient, match.asia aims to transform the M&A landscape. Previously, property sales were cumbersome and limited in reach, just like the traditional M&A process today. Now, platforms enable broader access and smoother transactions, a model match.asia seeks to emulate M&A, thereby enlarging the ecosystem for all participants.

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