Icon Consulting Group, a digital and enterprise application-focused staffing firm based in Singapore, announced that it has received a significant strategic investment from ACA Investments, a fund investment group based in Singapore and Japan that is currently managing approximately USD 1 billion.

ACA’s investment was advised by Deloitte Japan and Seedset Advisory. The amount was not disclosed but was said to be a ‘multimillion-dollar investment’.

The investment from ACA will fuel Icon’s expansion plans, enabling the company to seek opportunities to further build on its current team. The company also has plans to expand its geographic footprint beyond its current setup, which includes Malaysia, Australia and India in addition to its head office in Singapore. Icon will actively seek out acquisition targets and look to consolidate similar businesses across the region, it added.

Icon also has plans to establish an enterprise technology training program to address the shortage of enterprise technology talent across the region and in the broader ecosystem. Where appropriate, these programs will be enhanced through the ongoing development of future AI-enabled platforms and solutions.

Icon Consulting Group Founder and Chief Executive Officer Harjit Khatkar said, “Icon Consulting Group’s success has been built on the back of our exclusive focus on the enterprise technology sector, positioning us as a valued partner to both clients and our consultants. It is also based on our strategic decision to target the specialist contracting sector whilst it was still at its early stages in APAC.”

“This is now rapidly moving towards adoption in the US and Europe as well,” Khatkar said. “An investment by a respected investment firm of the size of ACA is strong backing of not only our business’ growth, but also our dedication to high performance and profitability.”

The multimillion-dollar investment adds ACA Investments as a significant shareholder of Icon.

Icon said that despite current market conditions, it is finding the demand for its flexible and specialised contractor resources offering growing at a rapid pace. The company added that it is now well positioned to capitalise on the growth in the global contract staffing market.

ACA Investments Associate Partner Hajime Adachi said, “We are excited about this investment in Icon Consulting Group, a fast growing, highly profitable business in the technology talent sector which we see as having high growth potential. Harjit Khatkar and his team have proven capability in scaling the business in a highly efficient manner. Icon has shown impressive organic growth and we see a huge potential for the business not only in Southeast Asia, but also for opportunities in the lucrative Japanese market.”

The Icon Consulting Group was founded in 2018 and has generating revenues of over USD 70 million and annual double digit profitability growth. The company has now successfully placed over 1,000 enterprise technology professionals into digital transformation projects at its blue-chip client base which includes multinational companies in banking, consulting, mining and pharmaceutical industries.

The company specialises in the placement of senior level digital and enterprise technology-focused contracting staff.