Global management consultancy firm Bain & Company announced its intent to acquire the Asia Pacific division of Rainmaking, a global venture-building and start-up development studio. The acquisition, expected to close by the end of July 2023, is contingent on several preconditions.
The proposed deal with Rainmaking APAC, comprising 50 entrepreneurial talents spread across key markets in Singapore, Japan, and South Korea, is aimed to bolster and accelerate Bain’s NextSM business-building offering.
This offering is delivered by an extensive team of over 200 entrepreneurs, strategists, designers, data scientists, and engineers in the Asia Pacific.
Satish Shankar, Bain’s Asia Pacific regional managing partner, stated that the region, particularly Singapore, has grown into a dynamic innovation hub attracting talent and multinational companies to launch new ventures.
The acquisition marks a crucial stride towards expanding Bain’s Innovation & Design (I&D) capabilities and enabling sustained business growth for their clients.
Bain and Rainmaking APAC have been selected to participate in the Corporate Venture Launchpad 2.0 program, a SGD 20 million initiative led by the Singapore Economic Development Board. Rainmaking is also a partner of Enterprise Singapore’s Global Innovation Alliance.
Florian Hoppe, Asia Pacific leader in VectorSM, Bain’s digital delivery platform, shared his vision of establishing the leading venture-building studio in the Asia Pacific by collaborating with Rainmaking APAC. He emphasized the necessity of innovation for businesses, particularly in the face of technological disruptions.
Samuel Hall, CEO of Rainmaking APAC, expressed his excitement over the impending collaboration with Bain. He believes this partnership will enhance corporate connectivity and investment capacity, enabling the launch of more studios and ventures, and fostering deeper partnerships with industry leaders.
Rainmaking APAC, known for building start-ups that leverage corporate partners’ strengths, will retain its brand and operating structure post-acquisition, functioning independently as a branded service line within Bain’s I&D ecosystem.
BusinessNewsAsia