The proposed investment reflects Ryde's strategy of developing deeper strategic relationships with specialised technology partners that can strengthen the resilience, scalability and security of its platform. As Ryde continues to expand its digital capabilities and technology infrastructure, the Company believes closer alignment with OneT could support its long-term technology roadmap while providing an opportunity to participate in OneT's potential future growth.
Under the non-binding term sheet, Ryde proposes to acquire an initial 10% equity interest in OneT from its two existing shareholders, with consideration comprising a combination of cash and newly issued Ryde Class A ordinary shares. Ryde would also have an option, but not an obligation, to acquire up to an additional 10% interest within nine months following completion of the initial investment, potentially bringing Ryde's total ownership interest to 20%, subject to the proposed transaction terms and applicable limits.
The final valuation of OneT has not been agreed and will be subject to independent valuation and satisfactory due diligence. The proposed investment structure, consideration and other commercial terms remain subject to further negotiation and may be revised as the parties progress towards definitive agreements. Any transaction would also require applicable corporate and regulatory approvals.
Following completion of the initial proposed investment, OneT's existing shareholders would retain a 90% ownership interest, and OneT's management team, led by its Chief Executive Officer, Frank Teh, would continue to manage the business independently.
"Our collaboration with OneT began with a shared focus on cybersecurity and technology resilience. This proposed investment represents a natural progression of that relationship and an opportunity for Ryde to broaden its technology ecosystem. We see potential synergies across cybersecurity, AI and digital infrastructure, while maintaining a disciplined approach to strategic investments and long-term value creation," said a spokesperson of Ryde.
OneT is a Singapore-based technology solutions provider with capabilities spanning cybersecurity, DevSecOps, observability and managed security services, serving enterprises across sectors including financial services and the public sector.
OneT also maintains a strong group of AI Vendors/OEMs for AI Infrastructure, Data Centre and Cyber Security, positioning it strategically for their future growth in these areas. Alongside its established cybersecurity and digital transformation capabilities, OneT has identified data centre infrastructure and AI as key strategic priorities, supporting its expansion into enterprise technology and digital infrastructure solutions.
Through the existing MOU, Ryde and OneT are exploring collaboration in application security, DevSecOps, vulnerability assessment and penetration testing, managed detection and response, security operations and other cybersecurity and technology initiatives.
"We are pleased to take another step forward in our relationship with Ryde. Since signing our MOU, both teams have been exploring opportunities to work more closely across cybersecurity and technology. As OneT continues to strengthen its core cybersecurity and digital transformation capabilities, AI and data centre infrastructure will also be important areas of focus. The proposed investment reflects our shared interest in developing a longer-term strategic relationship while allowing OneT to pursue new growth opportunities and serve its customers independently," said Frank Teh, Chief Executive Officer of OneT Solutions.
The term sheet provides for a 60-day exclusivity period during which the parties intend to undertake due diligence, independent valuation and further negotiations, with a target of executing definitive agreements within 90 days following signing.
Except for specified provisions relating to exclusivity, the outside date, announcements, costs, legal effect and governing law, the term sheet is non-binding. The parties' existing confidentiality agreement remains in effect. The proposed investment remains subject to definitive agreements, applicable conditions and necessary corporate and regulatory approvals. There can be no assurance that definitive agreements will be entered into or that the proposed investment, whether in whole or in part, will be completed.