Haystack Fund Acquires Cambodian IT Pioneer KhmerDev, Plans Outsourcing Expansion

Haystack Fund Acquires Cambodian IT Pioneer KhmerDev, Plans Outsourcing Expansion

khmerdev was acquired by haystack asia

PHNOM PENH: Haystack Fund, the global investment firm with offices in Phnom Penh, has acquired KhmerDev, one of Cambodia’s pioneering information technology companies, in a deal that positions Haystack to help develop the Kingdom’s emerging digital sector.

Haystack Fund was introduced this month after Haystack Canada acquired Hanuman Capital, a Cambodia-based digital studio and project developer, in a move to expand its global reach and presence in Asian markets. Haystack Fund was launched with more than US$2 million to invest in innovative digital ventures in Cambodia.

KhmerDev was founded in 2001 as the first French-speaking IT service provider in Cambodia. Over two decades, KhmerDev has managed more than 200 projects and worked with more than 150 national and international partners. Public sector partners include UNESCO, UNDP, the French Embassy and several Cambodian government ministries.  

“I’m very proud today to acquire KhmerDev and create this amazing hub of talent in the digital sphere. We will soon merge our operations and launch a creative studio that will be one of our major projects in Cambodia as well as our own in-house digital agency for all our projects, all around the world,” said Frédéric H. Proulx, the managing partner of Haystack Fund. 

“KhmerDev is a pioneer in the Cambodian market and this transaction marks a milestone for us that will influence the next three to five years of development across our whole group.”

KhmerDev has an office in Phnom Penh and more than 20 employees. The longstanding local company will continue to manage its existing partnerships, and will be reinforced to handle more outsourcing projects. Frank Touch, the founder and former CEO of KhmerDev, will remain involved as an ERP workflow consultant.

“We welcome the acquisition of KhmerDev by Haystack Fund and especially the experience of Frédéric Proulx, who is an accomplished entrepreneur.

I believe the Haystack team will bring creativity and energy that will benefit our current and future operations, as well as the continued excellence of our customer service.”

Franck Touch, founder of KhmerDev

Haystack Fund has been active and strategic across multiple business sectors. Wonderpass, a smart-ticketing venture approved by the Ministry of Tourism. Bong Tees, a Phnom Penh-based clothing and design brand, will open its first retail outlet on April 15. 

Haystack Fund is also developing Huggr, a person-to-person activity-sharing platform scheduled to launch by the end of 2021 in a number of regional markets.

Haystack Fund has also invested in a range of land development projects, including Breathe Wild, a coffee plantation & eco-lodge in Mondulkiri province, and a green villa project in Kep.

For more information, please visit the Haystack website at haystack.fund.