Singapore Robotics & Automation — Prospecting Shortlist

AEM Holdings Ltd (SGX: AWX) is a Singapore-headquartered semiconductor test and handling equipment company providing burn-in, system-level test (SLT), wafer-level, and packaged-level test solutions worldwide. The group also offers test interface solutions, engineering services, and contract electronics manufacturing. AEM serves major semiconductor players and has historically had significant customer concentration with Intel. It is listed on the SGX Main Board and operates manufacturing and R&D facilities across more than ten countries.

Equipment OEM and system integrator in semiconductor backend test — designs and manufactures proprietary test handlers, burn-in systems, and SLT platforms; also provides test interface hardware and contract PCB assembly (component/subsystem supplier to chip manufacturers and OSATs).

Primarily capital-equipment hardware sales (test handlers, burn-in systems, SLT equipment) to semiconductor manufacturers and OSATs; supplemented by aftermarket spare parts, handler change kits, tester interface consumables, engineering services, and contract manufacturing (PCB assembly). Revenue is largely project/order-driven with a recurring aftermarket tail.

ASMPT Limited (HKEX: 0522) is a Singapore-headquartered, globally leading supplier of semiconductor back-end assembly and packaging equipment and surface mount technology (SMT) solutions. Founded in 1975, the company serves chip manufacturers and electronics OEMs across two segments: Semiconductor (SEMI) Solutions — encompassing wire bonders, die bonders, thermo-compression bonding (TCB) systems and advanced packaging platforms — and SMT Solutions covering placement and printing systems. The company reported FY2025 revenue of approximately USD 1.76 billion, with advanced packaging revenue of USD 532 million growing 30% year-on-year on strong AI chip packaging demand. Group bookings reached USD 1.86 billion in 2025, with a book-to-bill of 1.05, the highest since 2021.

Equipment OEM and system integrator in the semiconductor back-end value chain. ASMPT designs and manufactures the machines that perform die bonding, wire bonding, encapsulation, laser dicing, TCB/hybrid bonding (advanced packaging), and SMT pick-and-place — i.e., it is a capital equipment supplier sitting between materials/component suppliers and OSAT/IDM end-customers. It is not a component supplier nor a pure software/platform play, but it does offer smart-factory software layers alongside its hardware.

Primarily hardware equipment sales to semiconductor OSATs, IDMs, and electronics manufacturers (capex-driven, project/order-based). Supplemented by recurring after-sales service contracts, spare parts, and consumable tools. No significant RaaS or subscription licensing model; revenue is lumpy and tied to semiconductor capex cycles.

CSE Global Limited (SGX: 544) is a Singapore-headquartered systems integrator providing electrification, communications, and automation solutions to oil and gas, utilities, data centre, mining, and transport infrastructure clients worldwide. The Group operates across 14 countries with 61 offices and approximately 2,000 employees. It is listed on the Singapore Exchange and has grown materially through selective acquisitions, particularly expanding its US electrification business servicing data centres and power infrastructure. FY2024 revenue grew 18.8% year-on-year to S$861.2 million, with electrification now accounting for roughly half of total revenue.

Systems integrator — designs, engineers, procures, installs, and maintains electrification (power distribution/control), communications (SCADA, telecoms), and automation (process control, instrumentation) systems for end-user industries; sits between component/equipment OEMs and end-user operators in the value chain.

Project/EPC-style systems integration contracts (primary); recurring operations and maintenance (O&M) service contracts; and equipment supply bundled with integration. Revenue is recognised on a percentage-of-completion basis for long-term projects and on delivery for equipment supply. The electrification segment (50% of revenue) is the fastest-growing, driven by US data-centre and utility demand.

Frencken Group Limited (SGX:E28) is a Singapore-headquartered integrated technology solutions provider listed on the SGX Mainboard. It operates two segments: Mechatronics (precision-engineered systems, machines, and electromechanical assemblies for semiconductor and industrial OEM customers) and Integrated Manufacturing Services (IMS; plastic components and PCB assembly). The group runs approximately 19 manufacturing sites across Singapore, Malaysia, the Netherlands, China, USA, Thailand, and India, serving global OEMs in semiconductor capital equipment, medical, and industrial automation. FY2024 revenue reached SGD 794.3m (up 6.9% YoY), driven by a 29.4% surge in its semiconductor segment to SGD 365.5m.

Tier-1 contract manufacturer and precision sub-system supplier to OEMs — sits between raw-material/component suppliers and the end-equipment OEMs in the semiconductor capital equipment and industrial/factory-automation value chain. Supplies complex electromechanical assemblies and precision-engineered sub-systems rather than selling finished robots or machines under its own brand.

B2B contract manufacturing: long-term supply agreements with OEM customers under which Frencken designs, manufactures, and delivers precision-engineered assemblies and systems billed on a cost-plus or negotiated-price hardware sales basis. Revenue is recognised on delivery/acceptance; no RaaS or recurring software licensing component.

Grand Venture Technology Limited (SGX: JLB) is a Singapore-headquartered precision-manufacturing and engineering solutions provider serving OEMs in the semiconductor back-end, analytical/life-sciences, electronics, aerospace, and medical sectors. It supplies complex precision-machined and sheet-metal components, sub-assemblies, and modules, as well as equipment integration services. The company operates six facilities across Singapore, Malaysia (Penang, Johor Bahru), and China (Suzhou), employing approximately 1,800 people. Revenue grew 43% year-on-year to SGD 159.5 million in FY2024, driven mainly by surging demand for HBM back-end tester components.

Contract manufacturer and component/module supplier. GVT sits upstream in the semiconductor and life-science equipment value chain, supplying precision-machined parts, sheet-metal structures, clean-room sub-assemblies, and integrated modules to equipment OEMs (e.g., back-end tester makers, analytical instrument brands). It is not an end-equipment OEM itself.

Manufacturing services / contract manufacturing: revenue is earned on a per-order or project basis for precision components, sub-assemblies, and modules sold to OEM customers. There is no disclosed recurring SaaS or RaaS element; the model is predominantly hardware/component sales and engineering-services fees tied to production volumes and customer demand cycles.

ISDN Holdings Limited (SGX: I07; HKEX: 1656) is a Singapore-headquartered industrial technology group founded in 1986, providing motion control solutions, industrial computing, and systems integration across Asia. China is its dominant revenue market, with additional operations in Singapore, Hong Kong, Malaysia, Indonesia, and Vietnam. The group also manufactures precision components (linear motors, positioning stages, gearboxes) and is expanding into renewable energy and advanced agriculture automation. FY2025 revenue grew 18% year-on-year to S$440.2M on strong China industrial demand.

Dual-role: precision component manufacturer (linear motors, positioning stages, precision gearboxes, transmission elements) AND systems integrator delivering complete motion control and industrial automation solutions including hardware, software, networking, and lifecycle services. Also acts as a value-added distributor of third-party motion control and industrial computing products across Asia.

Primarily hardware sales of proprietary and third-party motion control components and systems; project/EPC-style integration contracts for complete automation systems; after-sales technical support and maintenance services; a growing renewable energy project segment with long-term receivables (USD-denominated); and ancillary consultancy and training services.

Kulicke & Soffa Industries, Inc. (NASDAQ: KLIC) is a leading provider of semiconductor and electronic assembly equipment, best known for wire bonding systems used in back-end semiconductor packaging. The company's principal executive offices are headquartered in Singapore, operating as the global HQ from which it serves over 1,900 customers — primarily outsourced semiconductor assembly and test (OSAT) houses, integrated device manufacturers (IDMs), and electronics manufacturers across Asia-Pacific, North America, and Europe. Its product portfolio spans ball and wedge bonders, advanced packaging tools (thermo-compression bonding), precision dispensing systems, and related consumables and services. In FY2025, K&S reported net revenue of ~$654M and held approximately $510.7M in cash and short-term investments.

OEM / capital equipment manufacturer — K&S sits upstream in the semiconductor back-end value chain, supplying precision bonding and advanced packaging systems that are consumed by OSATs and IDMs to assemble and package finished chips. It is neither a component sub-supplier nor a pure software/platform player; it designs and manufactures the capital equipment (and associated consumables) used in packaging processes.

Primarily capital equipment hardware sales (wire bonders, advanced packaging tools, dispensing systems) to semiconductor assembly customers. Secondary revenue streams include consumables (bonding wire, capillaries), spare parts, and aftermarket services — these recurring streams represent roughly 13–17% of total revenue and provide downside buffer through cyclical downturns. The company does not operate a RaaS or subscription model; revenue is equipment-cycle-driven.

Teradyne Inc (NASDAQ: TER) is a US-headquartered supplier of automatic test equipment (ATE) for semiconductors, wireless products and complex electronic systems, and is also the parent of the Teradyne Robotics division which comprises Universal Robots (collaborative robots, headquartered in Odense, Denmark) and Mobile Industrial Robots/MiR (autonomous mobile robots, also Denmark-based). The company generated $3.19 billion in revenue in FY2025, with 89% of sales derived from outside the United States. Teradyne (Asia) Pte. Ltd. is the Singapore-incorporated subsidiary that serves as the regional hub for Asia-Pacific sales, service and account management, a region that represents roughly half of global revenues. Korea and Taiwan alone accounted for 25% and 21% of total 2024 revenues respectively, underscoring the centrality of Asia to the group.

OEM and platform manufacturer – Teradyne designs and sells finished ATE systems (semiconductor test) and collaborative/autonomous mobile robot platforms (Universal Robots cobots, MiR AMRs) directly to end-users and through a global distributor network; it does not act as a component supplier or pure integrator.

Primarily hardware sales of ATE systems and robots, supplemented by recurring service and maintenance contracts, software licensing for robot programming platforms (PolyScope), and extended-warranty agreements. Robotics revenue is hardware-led with a growing services attach rate; test revenue is project/system-sale driven with long equipment replacement cycles.

UMS Integration Limited (SGX: 558; Bursa: UMSINT) is a Singapore-headquartered precision engineering specialist and integrated OEM for front-end semiconductor equipment, providing component manufacturing, sub-assembly, and final test services. Approximately 80% of revenue has historically come from a single US anchor customer, Applied Materials (AMAT). The company operates manufacturing facilities in Singapore, Penang Malaysia (800,000+ sq ft), and California USA, and in August 2025 completed a landmark secondary listing on Bursa Malaysia — the first by an SGX-primary company. FY2025 revenue reached S$251.1 million, up 3.7% year-on-year.

Contract manufacturer and precision OEM sitting in the front-end semiconductor capital equipment manufacturing tier — component fabrication, mechanical sub-assembly, and final test for major equipment OEMs such as Applied Materials. Not a robotics system integrator per se, but a high-precision automation/OEM supplier in the semiconductor equipment value chain.

Long-term OEM contract manufacturing: hardware production and sub-assembly services billed to semiconductor equipment majors under multi-year renewable supply agreements. Revenue is volume-driven, tied to wafer-fab equipment (WFE) capex cycles of anchor customers.

Venture Corporation Limited (SGX: V03) is Singapore's largest electronics manufacturer, operating as a leading EMS (Electronics Manufacturing Services) and ODM provider to over 100 global technology brands. Headquartered in Singapore and founded in 1989, the group comprises approximately 30 companies with clusters in South-East Asia, North-East Asia, the Americas, and Europe, employing over 14,000 people. Its product portfolio spans test and measurement, life science and medical devices, industrial and automation electronics, networking and communications, and lifestyle consumer technology. FY2024 revenue was SGD 2.74 billion (approx. USD 2.04 billion), with a net profit margin of approximately 9%.

Tier-1 EMS/ODM contract manufacturer. Sits upstream of OEMs — designs and manufactures PCBs, electronic subassemblies, and complete box-build systems for industrial automation, test and measurement, life science, and networking OEMs. Does not sell end-user robotics products but manufactures the electronic brains and subsystems inside them for global brands.

EMS contract manufacturing fees (labour and BOM mark-up for manufacturing to customer spec) and ODM product revenue (Venture-designed products built and sold to global brands). Supplemented by supply chain management services and value-added engineering/design services. Revenue is largely B2B, volume-driven, and tied to customer demand cycles.

ABB's Robotics & Discrete Automation Singapore hub is a regional centre of excellence established in 2014 as a Packaging Application Hub, and expanded into a full Robotics Applications Center within ABB's Customer Innovation Centre. The hub serves as the Southeast Asia regional headquarters for ABB Robotics, supporting channel partners, end customers, and engineering teams across ASEAN in industries such as food and beverage, pharmaceuticals, consumer electronics, semiconductors, and solar. ABB Pte. Ltd. (incorporated 1970) anchors over 1,200 employees in Singapore across four offices, serving as a major Asia-Pacific engineering, distribution, and spares hub for the broader ABB group. The global Robotics & Discrete Automation division (FY2024 revenue ~USD 3.2B) is being divested to SoftBank Group for USD 5.375B, with closing expected mid-to-late 2026.

Robotics OEM (manufactures and sells industrial robots and discrete automation hardware globally) plus Southeast Asia regional system integration and packaging application hub — sits at the OEM/hardware layer and provides value-added application engineering and factory acceptance testing for local integrators and end users.

Primary: hardware sales of industrial robots and automation equipment to system integrators, OEM customers, and end users across ASEAN. Secondary: application engineering and packaging system integration (project revenue), aftermarket services (maintenance contracts, spare parts, refurbishment), and training/support. No RaaS model identified; revenue is predominantly capital-equipment and project/services based.

Accuron Technologies Limited is a Temasek-owned global precision engineering and technology group headquartered in Singapore, tracing operational roots to 1981 (incorporated as a holding entity in 1995). The group operates through nine subsidiaries spanning precision aerospace manufacturing, semiconductor equipment, industrial automation, advanced materials processing, and additive manufacturing. Its subsidiary portfolio includes Singapore Aerospace Manufacturing (SAM), RECIF Technologies (France), ZASCHE handling and esmo AG (Germany), mechatronic systemtechnik (Austria), Trymax Semiconductor (Netherlands), NexGen Wafer Systems, WAAM3D, and Addept3D, collectively employing approximately 2,500 people across more than 30 sites on three continents. The group serves blue-chip customers in aerospace, semiconductor, automotive, energy, marine, and industrial automation end-markets.

Accuron sits at multiple points in the value chain: (1) precision contract manufacturer and OEM supplier of aerospace structural components and semiconductor tooling parts (upstream component/sub-assembly); (2) capital equipment OEM for semiconductor wafer handling (RECIF, Trymax, mechatronic, NexGen) and industrial material handling (ZASCHE); (3) systems integrator and automation solution provider (esmo Group, AIT). It is not a pure platform/software or distribution play — it is primarily a hardware/equipment manufacturer and precision contract manufacturer with systems integration capability.

Mixed: (1) precision contract manufacturing and OEM supply (aerospace parts, semiconductor tooling) generating project/volume-based revenues; (2) capital equipment sales (wafer-handling robots, plasma etch tools, handling manipulators) via subsidiary product lines; (3) systems integration and engineering services fees; (4) recurring aftermarket service and maintenance contracts. No RaaS or SaaS model identified.

Sunningdale Tech Ltd is a Singapore-headquartered precision plastics contract manufacturer founded in 1985, serving automotive, healthcare, consumer/IT, and tooling segments. The company provides vertically integrated one-stop turnkey solutions covering mould design and fabrication, injection moulding, complementary finishing, and precision assembly. It operates over 4 million sq ft of factory space across 9+ countries with 1,000+ injection moulding machines and tooling capacity of 2,500 moulds per year. In 2021 it was taken private by Novo Tellus Capital Partners and in 2025 announced acquisition of Sanwa Group, creating a combined entity with ~SGD 850M in FY2024 revenue.

Component supplier / sub-assembly manufacturer. Sunningdale is upstream in the value chain, supplying precision-moulded plastic housings, structural parts, and sub-assemblies to OEMs in automotive, surgical robotics (robotic surgery instruments, genome sequencing devices), and consumer electronics rather than integrating or selling complete robotic systems.

Contract/project manufacturing: customers (automotive OEMs, medical device MNCs, consumer electronics brands) pay per-part tooling and injection-moulding production fees under long-term supply agreements. Revenue is driven by volume of parts produced and value-add services (mould design, precision assembly, finishing). No RaaS or software licensing component.

OMRON Asia Pacific Pte. Ltd. is the Singapore-based regional holding company and operational headquarters for OMRON Corporation's (Tokyo-listed, 6645.T) Asia Pacific business, incorporated in 1988 at Alexandra Technopark. It oversees 22 business companies across 10 countries and 24 cities in the APAC region, spanning industrial automation sales, manufacturing, technical support, and R&D. The parent OMRON Corporation is a global leader in factory automation, sensing and control technology, and collaborative robotics with ~$5.3 billion in annual global revenue. The APAC regional HQ manages the full commercial and operational footprint from Singapore, making it a significant multi-entity, multi-currency treasury centre.

Automation OEM and component manufacturer: OMRON designs and manufactures PLCs, industrial sensors, motion controllers, collaborative robots (TM series), machine vision systems, and safety components. It sits upstream in the robotics/automation value chain as a core technology and hardware provider, selling to system integrators, machine builders, and end-user manufacturers.

Primarily hardware product sales (PLCs, sensors, servo drives, collaborative robots, safety relays, vision systems); supplemented by software/platform licensing (Sysmac automation platform), after-sales services and maintenance contracts, and direct automation solutions/project work for key accounts. Recurring revenue comes from consumables, spares, and service agreements.

Yaskawa Asia Pacific Pte. Ltd. (YAP) is the Singapore-based regional headquarters of Yaskawa Electric Corporation (Japan, TSE: 6506) for the ASEAN market. Established in Singapore in 1976 and rebranded to its current name in 2018, YAP coordinates four operating subsidiaries in Thailand, Indonesia, Vietnam, and Malaysia covering motion control products (AC drives, servo systems), industrial robotics (Motoman brand), and system engineering. The parent group is one of the world's largest industrial robot and AC drive manufacturers with ~USD 3.6B in annual revenue.

Robotics and motion control OEM (original equipment manufacturer) — designs and manufactures AC inverter drives, servo drives, machine controllers, and Motoman industrial robots; also provides system engineering/integration services at the ASEAN level.

Hardware product sales (AC drives, servo systems, Motoman robots) are the primary revenue driver, supplemented by system engineering project revenue (EPC/integration), after-sales services, and spare-parts distribution across the ASEAN group.

AutoStore is a Norwegian robot technology company (founded 1996, listed on Oslo Børs as AUTO) that invented and commercialised cube-based Automated Storage and Retrieval Systems (ASRS). Its grid-and-robot platform enables ultra-dense bin storage deployed through a global network of certified system integrator partners. As of 2024 the company has approximately 1,650 systems operating in 58 countries across retail, grocery, pharmaceutical, and logistics sectors. AutoStore opened its Asia-Pacific regional hub in Singapore in April 2022 and has installed systems at seven Singapore sites via partners.

Technology OEM and IP licensor: AutoStore designs the proprietary grid, bin, and robot hardware and licenses the software stack; it does not sell directly to end-users but rather through a channel of certified system integrators (e.g. Swisslog, Vanderlande, Dematic, Element Logic) who handle installation and project delivery.

Primary revenue is hardware product sales (robots, grid ports, bins) recognised upon delivery to partners/integrators. A growing secondary stream comes from recurring software and maintenance contracts (AutoStore's cloud-connected system software). The partner-channel model means AutoStore earns margin on the technology layer rather than full EPC project value; gross margins are exceptionally high (~73% in FY2024) reflecting the IP-heavy nature of the business.

Daifuku Co., Ltd. (TSE: 6383) is a Japanese material-handling automation company founded in 1937 and headquartered in Osaka. It designs, manufactures, and integrates automated storage and retrieval systems (AS/RS), conveyor and sortation systems, automated material handling systems (AMHS) for semiconductor fabs, and airport baggage-handling solutions. With 66 consolidated subsidiaries across 24 countries, it is one of the world's largest intralogistics automation groups. Its Singapore subsidiary, Daifuku Mechatronics (Singapore) Pte. Ltd., has operated since 1986 and serves as a regional sales, engineering, installation, and after-sales service hub.

Fully integrated OEM and system integrator: Daifuku designs and manufactures its own hardware (stacker cranes, conveyors, sorters, AGVs), develops proprietary WMS/WCS software, and delivers complete turnkey AS/RS and AMHS projects including installation and lifetime after-sales service. It sits mid-to-upper value chain — not a component supplier, but a full-solution provider with proprietary IP.

Primarily project/EPC-based revenue from large turnkey system contracts (hardware + software + installation). Supplemented by growing recurring after-sales service and maintenance contracts. No significant RaaS model; revenue recognition is milestone/completion-based on long-duration contracts. Semiconductor AMHS and e-commerce logistics are key growth verticals.

Dematic is one of the world's largest intralogistics automation providers, operating as the flagship brand within KION Group AG's (Frankfurt-listed, ~€11.5B revenue) Intelligent Automation Solutions segment. The company designs, engineers, and integrates automated storage and retrieval systems (ASRS), conveyor and sortation systems, and warehouse execution/management software for customers in retail, e-commerce, healthcare, and manufacturing. Dematic has approximately 10,000 employees across 26+ countries and has been active in Asia since 1972, with its Southeast Asia regional hub registered as Dematic Pte. Ltd. at 101 Eunos Avenue 3, Singapore 409835.

System integrator and software platform provider — Dematic designs and partially manufactures ASRS, conveyors and sortation hardware, integrates third-party components, and delivers proprietary warehouse execution and management software (WES/WMS). It also provides long-term lifecycle services on installed bases, positioning it across integration, software, and aftermarket services layers of the robotics/automation value chain.

Three-stream model: (1) large project-based EPC contracts for automation system design, supply, and installation (hardware + software bundle, typically capital expenditure for customers); (2) recurring customer services revenue — maintenance contracts, spare parts, remote monitoring, and 24/7 technical support on installed base; (3) modernisation and upgrade projects for existing automation infrastructure. Service revenues have been growing as a share, providing margin stability against cyclical project intake.

Geek+ (Geekplus, HKEX: 2590.HK) is a Beijing-founded autonomous mobile robot (AMR) company and the world's first publicly listed pure-play AMR warehouse robotics vendor, having listed on Hong Kong's main board in July 2025. The company designs, manufactures, and deploys goods-to-person and shelf-to-person robotic systems — including mobile picking robots, sorting robots, and pallet-moving robots — along with its proprietary RoboFS fleet management software. With FY2024 revenue of RMB 2.409B (~USD 330M) and a 45% CAGR from 2021–2024, Geekplus has delivered over 66,000 robots to 40+ countries for customers including Adidas, Decathlon, and major 3PLs. Its ASEAN regional HQ and Innovation Center are based in Singapore.

Vertically integrated AMR OEM and system integrator: designs and manufactures its own robots (hardware), develops proprietary fleet management and warehouse execution software (RoboFS), and delivers end-to-end warehouse automation projects. Sits between component/sensor suppliers upstream and end-user warehouse operators downstream; also competes on platform/software layer against WMS vendors.

Primarily hardware sales (AMR unit sales to warehouses and 3PLs), supplemented by software licensing/subscription fees for the RoboFS platform and WMS integration, plus ongoing maintenance and service contracts. Increasingly exploring RaaS (Robotics-as-a-Service) subscription models in select international markets. Project/EPC-style contracts are common for large installations.

Hai Robotics is a Shenzhen-founded (2016) warehouse automation company and the world's largest Autonomous Case-handling Robot (ACR) solutions provider, holding over 30% global market share by both revenue and shipment volume as of 2024. It designs, manufactures, and deploys HaiPick modular ASRS systems that help e-commerce, 3PL, pharma, and retail customers increase storage density and order-fulfillment speed. The company filed for a Hong Kong Stock Exchange IPO in February 2026, reporting 2024 revenue of RMB 1.36 billion (~USD 188.9M), up 69% year-on-year. It maintains a Southeast Asia headquarters and demo centre in Singapore (351 Braddell Road) and subsidiaries across Japan, the US, the Netherlands, and Hong Kong.

OEM and full-system integrator: designs and manufactures ACR robots (hardware) and integrates them with proprietary software (WCS/WMS), racking, and conveyors into turnkey ASRS solutions delivered to end-user warehouses.

Primarily hardware sales of ACR robot units and HaiPick ASRS systems (project/EPC-style deployments), supplemented by ongoing maintenance, software licensing, and after-sales service contracts. International gross margins exceed 40%, above the 28.9% blended margin, indicating a premium pricing model overseas.

Honeywell Intelligrated is the warehouse and distribution centre automation arm of Honeywell International, operating commercially alongside the Transnorm brand under Honeywell's Warehouse and Workflow Solutions (WWS) segment. It designs, manufactures, integrates, and provides lifecycle support for end-to-end material handling systems including automated sortation, palletizers, conveyors, robotics, and the Momentum WES/WMS software suite. The business employs more than 3,300 people globally and generated approximately $935M in 2025 revenue. As of April 2026, Honeywell announced the sale of WWS to private equity firm American Industrial Partners, with the transaction expected to close in H2 2026.

Full-stack warehouse automation OEM and systems integrator: designs and manufactures core hardware (conveyors, sorters, palletizers, robotics), integrates third-party equipment, deploys proprietary Momentum WES/WMS software, and delivers ongoing aftermarket services — spanning the value chain from component manufacturing through turnkey project delivery and software/services.

Multi-stream: (1) large-scale EPC/turnkey systems integration projects (primary revenue driver); (2) hardware equipment sales (conveyors, sortation, palletizers, AS/RS); (3) recurring aftermarket services, maintenance contracts and spare parts; (4) software licensing and subscriptions (Momentum WES suite). Project and services revenue is roughly split between new installations and a growing installed-base services book.

SSI Schaefer is a German family-owned intralogistics group founded in 1937 and headquartered in Neunkirchen, Germany, with approximately 8,800 employees across ~80 subsidiaries worldwide. The group designs, manufactures, and integrates automated warehouse systems including ASRS/high-bay racking, AMRs, AGVs, conveyor technology, and its proprietary WAMAS warehouse management software. In FY2024 the group achieved preliminary revenues of EUR 2.0 billion, up 4.8% year-on-year, driven by growth in both its Logistics Solutions and Customer Services divisions. Singapore has served as SSI Schaefer's regional headquarters for Asia Pacific, the Middle East, and Africa for over 40 years, overseeing 15 locations across those regions plus a manufacturing facility in Malaysia.

Full-stack intralogistics integrator: SSI Schaefer spans OEM hardware manufacturer (7 production sites for racking, conveyors, ASRS), systems integrator for large-scale warehouse automation projects, and software/platform provider (WAMAS WMS/WCS). It also provides lifecycle services (Customer Services division). This positions it across hardware OEM, system integration, proprietary software, and recurring services layers of the robotics/intralogistics value chain.

Primarily large project/EPC-style contracts for end-to-end warehouse automation system design, supply, and commissioning (hardware + integration + software). Supplemented by a growing recurring Customer Services division (maintenance, spare parts, remote monitoring, upgrades) and software licensing/SaaS for WAMAS. Revenue is recognised over multi-year project lifecycles.

Vanderlande is a Dutch global leader in logistics process automation, headquartered in Veghel, Netherlands, and wholly owned by Toyota Industries Corporation (TICO) since 2017. The company designs, supplies, installs, and maintains automated material-handling systems for airports (baggage handling), warehouses (AMRs, goods-to-person), and parcel-sorting operations. With a turnover of €2.3 billion (FY2025) and an order book of €4.3 billion, it serves more than 600 airports globally including 17 of the world's top 20. In Singapore, Vanderlande holds a major contract for the Changi Airport Terminal 1 baggage handling system redevelopment together with an ongoing O&M agreement.

System integrator and OEM: designs, manufactures, and integrates end-to-end automated logistics systems (conveyors, sortation, AMRs, BHS), and also provides long-term operations and maintenance services — spanning hardware supply through lifecycle services.

Primarily large project/EPC contracts for design, supply, and installation of logistics automation systems; complemented by multi-year operations and maintenance (O&M) contracts providing recurring revenue; spare parts supply, software upgrades, and service-level agreements round out the recurring base.

Swisslog is a global intralogistics automation company headquartered in Buchs, Switzerland, operating as a wholly-owned subsidiary of KUKA AG (itself ~94.6% owned by China's Midea Group). It delivers robotic ASRS (including AutoStore integration), autonomous mobile robots (AMRs), and SynQ warehouse management software for warehousing, distribution, and healthcare clients. With 30+ years in Southeast Asia and 3,000+ employees across 30+ countries on five continents, Swisslog ranks among the top 15 global materials-handling automation suppliers. In early 2026 it restructured its Asia Pacific (APeC) operations to deepen SEA coverage from its Singapore and Malaysia bases.

System integrator and software platform provider: designs, supplies, installs, and operates complete automated intralogistics systems (ASRS, conveyor, AMR fleets) bundled with proprietary SynQ WMS/WCS software, plus lifecycle services. Sits above component/robot OEM level (sources hardware from KUKA and third parties including AutoStore) and sells directly to end-user distribution-center and healthcare operators.

Primarily project/EPC-style contracts for greenfield and brownfield automation system deployments (one-off capital sales of hardware, integration, and commissioning). Supplemented by recurring SynQ software licensing/SaaS fees and long-term service and maintenance contracts (parts, remote monitoring, on-site support). AutoStore integration partnerships add a licensed-technology layer.

DOF Group ASA is a Norway-headquartered (Oslo Bors, ticker DOFG), globally integrated offshore marine and subsea services company, reconstituted and relisted in June 2023 after financial restructuring. Its core DOF Subsea division owns and operates a large fleet of ROVs, AUVs, and construction support vessels delivering subsea inspection, maintenance and repair (IMR), survey, and construction services to the oil, gas and offshore renewables sectors. The Asia Pacific regional headquarters sits at 150 Beach Road, Gateway West, Singapore. The group employs approximately 3,800 personnel across operations in Norway, UK, USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.

Subsea services operator and integrator — DOF owns and operates ROV and AUV fleets (Schilling Robotics HD work-class ROVs, Hugin 1000 AUVs) and deploys them from its own construction support and IMR vessels. It does not manufacture subsea robotics hardware for third parties; it delivers end-to-end subsea services including survey, inspection, maintenance, repair, and construction using its owned asset base.

Project-based contract services: 82% of DOF Subsea revenue comes from subsea project contracts (lump-sum and day-rate), covering IMR campaigns, subsea construction, pipeline survey, and ROV/AUV mobilisations. The remainder is derived from vessel charter/time-charter arrangements. Revenue is typically project or campaign-length in duration with some longer-term framework agreements with oil majors.

Fugro N.V. is a Dutch multinational geo-data services company headquartered in Nootdorp, Netherlands, listed on Euronext Amsterdam (ticker: FUR). Founded in 1962, it is a global top-1 or top-2 provider of offshore geotechnical investigation, hydrographic survey, and asset integrity services, operating in over 60 countries with approximately 12,000 employees. Its Singapore hub serves as the Asia-Pacific operations centre and, in 2026, opened a dedicated ROV test pool facility to de-risk offshore subsea operations across the region. Revenue for FY2024 reached EUR 2.28 billion, with roughly equal contributions from marine and land activities and a customer mix spanning oil and gas, offshore wind, and infrastructure.

End-to-end geo-data services provider and system integrator: Fugro designs, owns, and operates specialised vessels, ROVs, autonomous underwater vehicles (AUVs), and sensor arrays (OEM-like capability in-house), then delivers processed geotechnical, geophysical, and asset-integrity data directly to end customers. It sits at the services and platform layer of the robotics value chain, with proprietary technology development (digital twins, remote operations centre) giving it a software/platform dimension as well.

Project-based and frame-agreement services: clients (oil majors, offshore wind developers, governments, infrastructure owners) contract Fugro for marine site characterisation, geotechnical drilling, hydrographic surveys, ROV inspection, and monitoring. Revenue is earned on day-rate vessel/equipment hire plus personnel, supplemented by longer-term multi-year inspection and monitoring contracts that provide recurring income. A growing share comes from data analytics, remote sensing software, and digital-twin consulting.

Kongsberg Maritime is the maritime technology division of Kongsberg Gruppen ASA (Oslo: KOG), a Norwegian publicly listed industrial group. It is a leading supplier of navigation, dynamic positioning, propulsion, vessel management and automation systems to the global maritime industry, serving merchant, offshore, and naval vessel segments. The division also provides an extensive aftermarket business encompassing repair, spare parts, training and remote support. Its Singapore subsidiary, incorporated since 1987, operates as an APAC service, training and newbuilding-sales hub.

OEM and system integrator: designs and manufactures integrated maritime technology systems (navigation, DP, propulsion, vessel control), and also operates a large aftermarket/services business. Sits upstream of shipyards as a tier-1 equipment supplier and system integrator.

Hardware product sales (navigation sensors, dynamic positioning systems, thrusters/propellers, deck machinery) to shipyards and vessel owners; long-term aftermarket services contracts (maintenance, repair, spare parts, overhaul); software and digital solutions licensing; customer training and simulator sales; project/EPC-style deliveries for integrated vessel systems on newbuilds.

Oceaneering International (NYSE: OII) is a Houston-headquartered global provider of engineered services and products primarily to the offshore oil and gas industry, with growing exposure to aerospace and defense. It is best known for its work-class remotely operated vehicles (ROVs) — the world's largest commercial ROV fleet — as well as subsea hardware, inspection services, and autonomous underwater systems. In FY2025 the company reported approximately $2.8 billion in revenue across five business segments, with foreign operations contributing roughly 55% of total revenue across approximately 48 countries on six continents. The Singapore entity (Oceaneering International Pte Ltd, incorporated 1969) is a long-standing APAC regional hub serving offshore oil and gas clients across Southeast Asia and Australia.

Vertically integrated OEM and services provider: designs and manufactures subsea robotics hardware (ROVs, tooling, umbilicals) and delivers turnkey offshore services — spanning system integrator, OEM, and asset-services roles in the subsea robotics value chain.

Primarily services-based: ROV operations billed on day-rate contracts, vessel-based offshore project work (lump-sum and time-and-materials), inspection/integrity management retainers, and aerospace/defense program fees. A secondary revenue stream comes from manufactured products (subsea hardware, ROV systems, umbilicals) sold on project or OEM basis.

Saab AB is a Swedish aerospace and defence group headquartered in Stockholm, with approximately 28,000 employees and operations in over 30 countries. Its product portfolio spans fighter jets (Gripen), surveillance and radar systems, missiles and munitions (Dynamics), submarines and naval vessels (Kockums), and underwater robotics through its wholly-owned subsidiary Saab Seaeye — the world's leading manufacturer of electric ROVs and AUVs. Saab has maintained a regional headquarters for Asia Pacific in Singapore (61 Robinson Road) since 1991, and holds a series of active contracts and MoUs with Singapore's DSTA covering combat vessels, radar, and underwater systems.

Vertically integrated OEM and systems integrator: designs, manufactures, and supports complete defence platforms and sub-systems across air, land, sea, and underwater domains. Saab Seaeye sits at the platform/OEM level for underwater robotics; the wider group spans component development through full system delivery and life-cycle support services.

Primarily long-term government defence contracts (project/EPC model), hardware platform sales (fighter aircraft, submarines, ROVs, radars, missiles), and multi-decade through-life support and maintenance contracts (MRO/services). A smaller share comes from commercial/industrial ROV sales via Saab Seaeye into the offshore energy sector. Revenue is dominated by government-to-government and prime-contractor agreements, often spanning years with milestone billing.

Thales Group is a French multinational technology and defence conglomerate headquartered in Paris, operating across aerospace, defence, digital identity and security, and space. It serves governments, militaries, and commercial customers across more than 68 countries and employs approximately 83,000 people. In Singapore, Thales has been present since 1973 and operates a major Asia-Pacific regional hub with 2,000+ employees spanning manufacturing, engineering, R&D, cybersecurity, and avionics support. Recent Singapore contracts include the Republic of Singapore Navy's AI-powered autonomous mine countermeasures (MCM) system using the Pathmaster sonar and unmanned surface vehicles.

Prime system integrator and OEM. Thales designs, engineers, and delivers complete mission systems (e.g., sonar suites, mine-countermeasures platforms, air traffic management, avionics). It sources components from external suppliers but owns the system architecture, software stack, and through-life support — occupying the integrator/platform layer rather than component-only supply.

Predominantly government/defence prime contracts (project and programme-based billing with milestone payments); commercial aerospace equipment sales (avionics, IFE); long-term maintenance, repair and overhaul (MRO) service contracts; and cybersecurity/digital identity recurring software and managed-services revenue. Defence programmes typically include a multi-year through-life support tail, providing recurring annuity-like revenue alongside new platform wins.

ST Engineering (SGX: S63) is a Singapore-headquartered, SGX-listed global technology, defence, and engineering group with FY2025 group revenue of SGD 12.35 billion across three segments: Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom. Its Land Systems arm designs and manufactures autonomous ground vehicles and robots in Singapore, including the STROBO family of AGVs and AMRs for warehouses, airports, seaports (notably 80 AGVs for PSA's Tuas Port), and manufacturing environments. The company operates across 24 countries with over 100 subsidiaries and an order book of SGD 33.2 billion as of end-2025.

OEM and system integrator: designs, manufactures, and deploys AGV/AMR hardware (STROBO range, TUG AMRs) in Singapore; also integrates fleet management software and provides turnkey autonomous material-handling systems across seaport, warehouse, airport, and manufacturing verticals

Primarily project/EPC and hardware-sale contracts (e.g., 80-AGV PSA seaport contract); supplemented by recurring maintenance and service contracts post-deployment; broader group also earns through long-term MRO contracts (aerospace) and government defence programmes

DJI (SZ DJI Technology Co., Ltd.) is the world's dominant drone OEM, founded in 2006 and headquartered in Shenzhen, China, commanding over 70% of the global civilian drone market and roughly 77% of the US market as of 2024–2025. The company designs and manufactures consumer and enterprise unmanned aerial vehicles, camera systems, gimbal stabilizers, propulsion systems, agricultural spraying equipment, and flight-control software. DJI also owns Swedish camera maker Hasselblad (majority stake acquired 2019) and sells across 100+ countries through its own stores, authorized resellers, and e-commerce. In Singapore, DJI operates five retail and service locations including stores at Jewel Changi Airport, VivoCity, Funan, NEX Serangoon, and Orchard Road.

UAV/drone OEM and platform provider: DJI sits at the OEM layer — it designs and manufactures the full hardware stack (airframes, sensors, propulsion, flight controllers) and pairs it with proprietary software platforms (FlightHub 2, DJI Terra, Agras ecosystem). It also owns a component-level camera brand (Hasselblad) and runs its own global retail/service network, giving it vertical integration from component design through end-customer distribution.

Primarily hardware sales (consumer drones such as Mavic/Mini/Air series, enterprise/industrial drones, cameras, gimbals, and accessories sold via own stores, authorized resellers, and DJI.com globally). Secondary streams include enterprise software licensing and SaaS (FlightHub 2 fleet management, DJI Terra mapping), care/repair service plans, agricultural equipment and services, and OEM/component supply to third-party integrators.