F-1/A: ELC Group Holdings Files for IPO Amidst Revenue Decline

Sentiment:

Initial Public Offering Amendment 25 August 2025 5:16 PM

ELC Group Holdings Ltd. is pursuing an initial public offering of 1,870,000 Class A Ordinary Shares on Nasdaq, despite recent revenue and net income declines driven by the cessation of a major cleaning service contract.

Delay expectedThe company states that its audited financial statements for the year ended June 30, 2025, are not anticipated to be available until October or November 2025, which is a delay compared to typical annual reporting cycles for public companies.

Capital raiseThe company is undertaking an initial public offering of 1,870,000 Class A Ordinary Shares on the Nasdaq Capital Market, with an estimated offering price between US$4.00 and US$6.00 per share.The net proceeds from this offering, estimated at approximately $6.41 million (or $7.81 million if the over-allotment option is fully exercised), are intended for geographical expansion (30%), research and development (20%), potential mergers and acquisitions (20%), marketing and promotion (10%), and general corporate purposes.The company may need additional capital in the future and may seek it through equity securities, debt financings, working capital lines of credit, corporate collaborations, or license agreements.

Worse than expectedRevenue for the fiscal year ended June 30, 2024, decreased by 22.2% compared to the prior year.Net income for the fiscal year ended June 30, 2024, decreased by 55.7% compared to the prior year.The company reported a net loss of $263,132 for the six months ended December 31, 2024, which is a 139.9% increase in loss compared to the same period in the prior year.Net cash used in operating activities was negative for both FY2024 and H1 FY2025, indicating ongoing cash burn from core operations.

Summary

ELC Group Holdings Ltd., a Singapore-based manpower service provider, is offering 1,870,000 Class A Ordinary Shares in an initial public offering, with an anticipated price range of US$4.00 to US$6.00 per share.
The company operates through its EL Connect App for part-time manpower supply, offering unique same-day wage payouts, and its TaskForce App for facility management software solutions, integrating IoT, facial recognition, and robotics.
Revenue for the fiscal year ended June 30, 2024, decreased by 22.2% to $6,413,743 from $8,240,300 in 2023, primarily due to a $4,478,786 decrease in manpower contracting services after a cleaning service contract ended in March 2024.
Net income for fiscal year 2024 was $837,814, a 55.7% decrease from $1,891,045 in 2023.
For the six months ended December 31, 2024, the company reported a net loss of $263,132, a 139.9% increase from a net loss of $109,690 in the same period of 2023.
Manpower supply service revenue significantly increased by 97.5% to $3,869,238 in fiscal year 2024, and by 45.9% to $2,594,045 for the six months ended December 31, 2024, indicating a strategic shift and growth in this segment.
New revenue streams from software licensing sales ($558,119 in FY2024) and project management services ($248,961 in H1 FY2025) are emerging, showing higher gross margins (82% for software licensing/project management in H1 FY2025).
Mr. Chow Kang Hong, founder and CTO, will retain approximately 84.98% of the aggregate voting power post-offering due to a dual-class share structure.
The company has identified material weaknesses in its internal control over financial reporting as of June 30, 2024, including lack of proper segregation of duties and insufficient accounting staff.
Management believes existing cash, cash equivalents, and future operating cash flow, supplemented by IPO proceeds, will be sufficient to fund operations for at least the next 12 months, despite current net losses and negative operating cash flow.

Sentiment

Score: 4

Explanation: The company is undergoing a significant strategic shift with strong growth in its core manpower supply services and new high-margin software offerings. However, recent financial performance shows substantial declines in overall revenue and net income/loss due to the cessation of a major contract, raising concerns about short-term profitability and going concern. The IPO is crucial for funding future growth and addressing liquidity, but the dual-class structure and identified internal control weaknesses present notable risks for investors.

Positives

The EL Connect App offers a unique same-day wage payout model for part-time workers in Singapore, attracting a larger pool of talent and providing a competitive advantage.
Deployment hours increased by 35.6% and total deployments by 31.2% for the six months ended December 31, 2024, demonstrating strong demand for manpower supply services and enhanced operational efficiency.
Manpower supply service revenue grew significantly by 97.5% in fiscal year 2024 and 45.9% in the first half of fiscal year 2025, indicating successful strategic refocusing.
New business segments like software licensing and project management services are showing higher gross margins (82% for these combined in H1 FY2025), contributing to overall gross profit margin improvement.
The company maintains strong and stable relationships with customers, with approximately 15% of customers being repeat clients in FY2024 and top five customer relationships averaging 3.5 years.
Innovative AI-powered chatbot in the EL Connect App enhances user experience for job seekers, simplifying job search and application processes.
Experienced technology teams in Singapore and India ensure continuous development and reliability of the EL Connect App and TaskForce App.
The senior management team possesses extensive industry knowledge and expertise, with Mr. Chow Kang Hong leading IT infrastructure development and Ms. Leann Koh Bee Khee driving business development and strategy.

Negatives

Total revenue decreased by 22.2% to $6,413,743 in fiscal year 2024 and by 10.6% to $2,935,385 for the six months ended December 31, 2024.
Net income decreased by 55.7% to $837,814 in fiscal year 2024, and the company incurred a net loss of $263,132 for the six months ended December 31, 2024, a 139.9% increase in loss compared to the prior year's interim period.
The significant decline in revenue and net income/loss is primarily due to the cessation of a major manpower contracting service (cleaning services) in March 2024, which accounted for 34% of FY2024 revenue and 73.7% of FY2023 revenue.
The company experienced net cash outflows from operating activities of $235,264 in FY2024 and $92,622 for the six months ended December 31, 2024.
Reliance on a small number of large clients is high, with the top five customers accounting for 43.4% of total revenue in FY2024 and 70% for the six months ended December 31, 2024.
General administrative expenses increased by 15.7% in FY2024 and 40.2% in H1 FY2025, partly due to increased legal and professional fees for the IPO.
Other income, primarily government grants related to COVID-19, decreased significantly by 63.2% in FY2024 and 61.4% in H1 FY2025 as pandemic measures eased.
Finance costs increased by 292.2% in FY2024 due to an increase in average outstanding bank loans.

Risks

Revenue growth is difficult to predict, and shortfalls in forecasted revenues may harm operating results.
Liquidity difficulties may arise from the business model of offering daily wage payouts to part-time workers while customers pay monthly or bi-weekly.
Success depends on acquiring new customers, effectively retaining existing customers and job seekers, and increasing their usage of the EL Connect App.
Out-of-date, inaccurate, fraudulent, or incredible job seeker profiles could materially and adversely impact reputation and business prospects.
Dependence on app stores (Apple App Store, Android app stores) for mobile application distribution poses risks of suspension, termination, increased costs, or changes in terms.
Operational and performance issues with the platform (e.g., errors, outages, cyberattacks, software bugs) may adversely affect business, financial condition, and results of operations.
Could incur liabilities or suffer reputational damage from cyberattacks or improper disclosure/loss of personal or confidential data, subject to complex and ever-changing privacy and cybersecurity legal requirements.
A loss or reduction in revenues from large client accounts could have a material adverse effect on the business.
Intense competition may limit the ability to attract, train, and retain qualified personnel necessary to meet client staffing needs.
Ability to attract and retain business and employees may depend on reputation in the marketplace, which is susceptible to damage from various events.
Changes in sentiment toward the staffing industry (e.g., criticism from unions, regulatory agencies) could affect the marketplace for services.
Results of operations and ability to grow could be materially negatively affected if unable to successfully keep pace with technological changes, including rapid advancements in AI, machine learning, and robotics.
Could incur substantial costs as a result of data protection concerns, particularly with Singapore's Personal Data Protection Act 2012.
May not be able to protect intellectual property rights, leading to illegal use or misappropriation.
Subject to risks related to litigation, including intellectual property infringement claims, consumer protection actions, and regulatory disputes.
EL Connect App and TaskForce App may contain undetected software bugs or vulnerabilities, adversely affecting reputation and business.
Competition in the manpower sourcing services and facility management system markets in Singapore is intense and could lead to loss of market share or reduced prices.
Acquisitions, mergers, or other strategic partnerships by competitors may provide them with advantages, leading to customer loss and revenue decrease.
Potential expansion into other geographical regions (e.g., Japan, Thailand) may not be successful due to regulatory, economic, political, and competitive challenges.
May not be successful in implementing important new strategic initiatives, adversely impacting business and financial results.
May not have sufficient insurance to protect against substantial losses, and key man insurance is not in place.
Continued operation depends on the performance and reliability of the internet, mobile networks, and other infrastructure not under control.
Dependent on key management and skilled personnel for continued success and growth; loss of such personnel could materially and adversely affect the business.
Inability to complete and integrate acquisitions and/or mergers may negatively affect operational results and expose the company to unforeseen liabilities.
Adverse conditions in global financial markets and the general economy (e.g., inflation, recession, geopolitical events) may adversely affect business, results of operations, financial position, and prospects.
May need to incur additional costs in the event of disputes, claims, defects, or delays with customers, suppliers, or collaborators.
Dual-class voting structure limits Class A shareholders' ability to influence corporate matters and could discourage change of control transactions.
Additional issuances of Class B Ordinary Shares may dilute existing Class A holders' influence.
Dual-class structure may adversely affect the trading market for Class A Ordinary Shares, potentially excluding them from certain indices.
No expected dividends in the foreseeable future; investors must rely on price appreciation for returns.
Class A Ordinary Shares could be subject to significant price volatility, potentially unrelated to underlying performance.
Management has broad discretion over the use of IPO net proceeds, which may not produce income or increase share price.
Classification as a passive foreign investment company (PFIC) could have adverse U.S. federal income tax consequences for U.S. taxpayers.
Will incur increased costs as a public company, particularly after ceasing to qualify as an emerging growth company.
As a foreign private issuer, exempt from certain U.S. domestic public company provisions, potentially affording less protection to shareholders.
May lose foreign private issuer status in the future, resulting in significant additional costs and expenses.
Corporate governance practices in the Cayman Islands differ from Nasdaq standards, potentially affording less protection to shareholders.
Difficulties in enforcing U.S. judgments against the company, directors, or executive officers due to incorporation in the Cayman Islands and operations in Singapore.
Uncertainty regarding Singapore tax residency status could lead to additional tax liabilities.
Negative publicity concerning the company or its management could significantly and adversely affect reputation and share price.
Adverse material changes to the Singapore market (e.g., economic recession, pandemic) could have a material adverse effect on business.

Future Outlook

The company intends to expand its job-matching platform into other geographical regions in Asia, such as Thailand and Japan, focusing on compliance with local regulations and establishing local teams. It plans to further enhance AI integration into its services for improved job-matching capabilities and customer support. The service scope of the EL Connect App will be expanded to include a wider range of gig jobs, such as electricians, website designers, private nursing, and pet-related services. The company also plans to pursue mergers, acquisitions, and strategic alliances, particularly targeting SMEs in SaaS or staffing industries, to expand its network and enter new markets like hospitality, food and beverage, and banquet management. Management anticipates that the ongoing growth of its core manpower supply service will compensate for the decline in manpower contract service and contribute to future profitability.

Management Comments

We believe our business model of offering daily wage payouts distinguishes us from our competitors and is a key differentiator for job seekers.
Our daily payment system has directly contributed to a significant increase in freelancer engagement and client satisfaction.
We are uniquely positioned as the MSP in Singapore that is compensating part-time workers on the very same day they finish their jobs.
We believe our EL Connect App is one of the only MSP apps that is able to provide real time access to jobs and access our same-day payment policy, giving us a unique competitive advantage.
We strategically shifted our business focus and resources to manpower supply services to match part-time workers with employers as we believe there is a rising demand for it.
Although we suffered a significant decline in revenue from the loss of the cleaning service manpower contract for the six months ended December 31, 2024, we believe this will only affect our financial performance in the short term.
We are committed to improving our EL Connect platform to attract a broader range of customers across different industries.
We anticipate that the ongoing growth of our core manpower supply service will compensate for the decline in manpower contract service and contribute to our future profitability.
We will continue focusing on cost management to improve operational efficiency to sustain our business performance in an inflationary environment.
Management expects to see improved cash flows from the company's contemplated initial public offering.

Industry Context

The company operates in the growing Singaporean manpower sourcing services and cloud-based facility management system markets. The manpower sourcing market is driven by increasing demand for outsourced HR solutions, a high ratio of job vacancies to unemployed persons, and a rising preference for flexible, part-time work arrangements, especially in labor-intensive sectors like warehouse, logistics, F&B, cleaning, hospitality, and retail. The cloud-based facility management market is expanding due to Singapore's Smart Nation Initiative and a focus on workplace efficiency, with demand for customizable, scalable solutions integrating IoT and ERP systems. The company's dual model of subscription-based SaaS and customized licensing for its TaskForce App positions it uniquely against competitors who often offer only one. Its same-day payment model for part-time workers is a significant differentiator in a fragmented online manpower sourcing market, where many competitors lack advanced mobile app functionalities.

Comparison to Industry Standards

The company's daily wage payout model for part-time workers is highlighted as a unique competitive advantage in Singapore, distinguishing it from traditional staffing agencies and other online platforms like JobsCentral, JobStreet, YYCircle, FastGig, JOD, and Flexii, which typically follow weekly, bi-weekly, or monthly payment cycles.
The EL Connect App's in-house mobile app with AI-powered chatbot provides a more cohesive user experience and real-time access to jobs and payments, which many competitors in the online manpower sourcing market lack.
In the facility management system market, the TaskForce App's dual model (subscription-based SaaS and customized licensing with IoT, facial recognition, and robotics integration) offers greater flexibility compared to large multinational IT companies like Oracle, SAP, and ServiceNow, which tend to offer more standardized solutions, and local SMEs like Swipetask, Smartclean, and Simpple, which may not offer the same breadth of services or customization.
The company's ability to offer supplementary labor outsourcing services alongside its facility management system (like UEMS Solutions) provides an integrated solution that differentiates it from pure software providers.

Management Changes

Role	Previous Person	New Person	Effective Date	Reason
Chief Financial Officer	NA	Mr. Man Siu Hin	Upon completion of this offering	New appointment in preparation for public company status.
Independent Director	NA	Ms. Chung Chi Ng	Upon SEC's declaration of effectiveness of registration statement	New appointment to establish a public company board structure, including Audit Committee Chair.
Independent Director	NA	Mr. Tay Yun Xu, Benedict	Upon SEC's declaration of effectiveness of registration statement	New appointment to establish a public company board structure, including Compensation Committee Chair.
Independent Director	NA	Ms. Serene Caroline Koh Li Ching	Upon SEC's declaration of effectiveness of registration statement	New appointment to establish a public company board structure, including Nomination Committee Chair.
Finance Manager	Accounts Executive	Ms. Lee Sin Yee	March 2025	Promotion due to outstanding performance and leadership in finance and accounting functions.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Board Committee Establishment	Intends to establish an audit committee, a compensation committee, and a nomination committee under the board of directors, each operating pursuant to a charter.	Upon effectiveness of the registration statement	Enhances corporate governance structure to comply with Sarbanes-Oxley Act, Nasdaq, and SEC rules, providing greater oversight and accountability.
Independent Director Appointments	Appointed Ms. Chung Chi Ng (Audit Committee Chair), Mr. Tay Yun Xu, Benedict (Compensation Committee Chair), and Ms. Serene Caroline Koh Li Ching (Nomination Committee Chair) as independent directors.	Upon SEC's declaration of effectiveness of registration statement	Strengthens board independence and expertise in financial, compensation, and nomination matters, aligning with public company standards, though the company will rely on controlled company exemptions for certain requirements.
Code of Business Conduct and Ethics Adoption	Intends to adopt a written code of business conduct and ethics applicable to directors, officers, and employees.	Prior to effectiveness of the registration statement	Establishes ethical guidelines and compliance standards for public company operations, promoting integrity and accountability.
Controlled Company Status	Will continue to be a controlled company under Nasdaq rules, with Mr. Chow Kang Hong holding over 50% of voting power, allowing reliance on exemptions from certain corporate governance requirements (e.g., majority independent board, fully independent nomination/compensation committees).	Upon completion of this offering	Limits the protections afforded to shareholders compared to companies fully subject to Nasdaq corporate governance requirements, potentially reducing minority shareholder influence.
Dual-Class Voting Structure	Maintains a dual-class voting structure where Class B Ordinary Shares (held by Mr. Chow Kang Hong) carry 20 votes per share, while Class A Ordinary Shares carry one vote per share.	Existing structure, confirmed post-IPO	Concentrates voting control with Mr. Chow Kang Hong, limiting the ability of Class A shareholders to influence corporate matters and potentially discouraging change of control transactions. May also adversely affect the trading market for Class A shares by preventing inclusion in certain stock indices.

Legal Proceedings

Currently not a party to, and not aware of any threat of, any legal or administrative proceedings that are likely to have any material and adverse effect on the business, financial condition, cash-flow, or results of operations.
May periodically be subject to legal proceedings, investigations, and claims arising in the ordinary course of business, including contract disputes and labor/employment claims.

Related Party Transactions

Loans were provided by EL Connect Pte. Ltd. to Mr. Liu Weihan Hugen (shareholder and director) totaling $589,356 as of June 30, 2023, and an aggregate of $1,180,980 during FY2024, with repayments of $1,088,351. These loans were unsecured, non-interest bearing, and due on demand.
Loans were provided by EL Connect Pte. Ltd. to Mr. Chow Kang Hong (shareholder and director) totaling $185,706 as of June 30, 2023. These loans were unsecured, non-interest bearing, and due on demand.
In June 2024, all outstanding loans due from Mr. Liu Weihan Hugen and Mr. Chow Kang Hong were legally offset with the 2024 interim dividend declared to them, fully settling these amounts.
Mr. Liu Weihan Hugen historically provided short-term, interest-free financing totaling $261,761 to EL Connect Pte. Ltd., which was fully settled in June 2023.

Stakeholder Impact

Shareholders: New Class A shareholders will experience significant dilution in net tangible book value ($4.72 per share) and will have limited influence over corporate matters due to the dual-class voting structure and controlled company status. No dividends are expected in the foreseeable future, relying solely on price appreciation.
Employees: The company's same-day wage payout model for part-time workers is a strong incentive for attraction and retention, offering financial flexibility. However, the company's dependence on key management and skilled personnel means their loss could adversely affect the business.
Customers: The strategic shift to manpower supply services and new software offerings aims to improve service quality and expand the customer base. However, reliance on a few large clients poses a risk if those relationships deteriorate. Operational issues with apps or data breaches could damage customer trust.
Suppliers: The company does not believe it relies on any single supplier, as IT services and equipment are widely available, minimizing risk from supplier relationship changes.
Creditors: The company has significant bank borrowings, and its ability to manage liquidity, especially with daily payouts and monthly customer payments, is a key risk. The going concern doubt, though addressed by management, could impact creditor confidence.

Next Steps

Complete the initial public offering and list Class A Ordinary Shares on the Nasdaq Capital Market under the symbol ELCG.
Expand into other geographical regions, primarily Japan, Thailand, and other Asian countries, focusing on market research, localization of apps, pilot launches, and building regional offices or partnerships.
Continue research and development efforts to further enhance AI features (predictive job matching, applicant ranking, IoT/sensors integration) for scalable SaaS solutions.
Expand the service scope of the EL Connect App to include a diverse array of gig jobs (white-collar freelancers, home-based food delivery, private nursing, pet-related services).
Pursue mergers, acquisitions, and strategic alliances to expand the business, targeting SMEs in SaaS or staffing industries, particularly in hospitality, food and beverage, and banquet management.
Implement measures to address identified material weaknesses in internal control over financial reporting, including hiring qualified accounting personnel and implementing training programs.
The newly appointed independent directors and CFO will assume their roles upon the effectiveness of the registration statement and completion of the offering, respectively.

Key Dates

Date	Description
2020-02-25	EL Connect Pte Ltd incorporated in Singapore.
2020-11-30	Company borrowed Loan III of $74,203 at 2.5% interest, repayable in 60 monthly installments.
2021-01-04	First installment for Loan III due.
2021-07-01	Adopted new accounting standards ASU 2016-13, ASU 2019-12, and ASU 2021-10.
2022-05-06	Liu Weihan Hugen and Chow Kang Hong injected capital of $28,932.50 each into EL Connect.
2022-07-12	Company borrowed Loan II of $143,401 at 4.75% interest, repayable in 60 monthly installments.
2022-07-26	Company borrowed Loan IV of $308,312 at 4.75% interest, repayable in 60 monthly installments.
2022-08-30	Liu Weihan Hugen and Chow Kang Hong injected capital of $36,124.50 each into EL Connect.
2022-09-01	First installment for Loan IV due.
2022-09-02	First installment for Loan II due.
2022-10-01	Ms. Lee Sin Yee joined as Accounts Executive.
2023-02-13	Singapore government eased strict COVID-19 pandemic control measures and adjusted DORSCON level to green.
2023-04-04	Board of Directors of EL Connect declared a 2023 interim cash dividend of $2.853 per share.
2023-04-05	Record date for the first 2023 interim cash dividend.
2023-04-06	First 2023 interim cash dividend paid.
2023-04-26	Board of Directors of EL Connect declared a second 2023 interim cash dividend of $0.979 per share, paid on the same day.
2023-05-09	Liu Weihan Hugen and Chow Kang Hong injected capital of $7,092 each into EL Connect.
2023-05-23	Board of Directors of EL Connect declared a third 2023 interim cash dividend of $3.135 per share.
2023-05-25	Record date for the third 2023 interim cash dividend.
2023-05-29	Third 2023 interim cash dividend paid.
2023-06-06	Company borrowed Loan I of $222,104 at 7.20% interest, due July 14, 2023.
2023-07-11	Company borrowed Loan V of $59,890 at 7.75% interest, repayable in 60 monthly installments.
2023-07-14	Loan I fully repaid.
2023-07-31	Company borrowed Loan VI of $299,448 at 8.5% interest, repayable in 60 monthly installments, and Loan VII of $112,293 at 8.5% interest, repayable in 36 monthly installments.
2023-08-01	First installment for Loan V due.
2023-09-12	Company borrowed Loan VIII of $110,055 at 8.68% interest, repayable in 36 monthly installments.
2023-09-28	First installment for Loan VI and Loan VII due.
2023-10-02	First installment for Loan VIII due.
2023-11-01	Signed a 12-month service contract for project management services.
2023-12-01	Company borrowed various short-term loans (Loan IX) totaling $342,534 at 7.20% interest, repayable in February 2024.
2024-03-01	Ceased providing manpower contracting service after project completion.
2024-06-25	Board of Directors of EL Connect declared a 2024 interim cash dividend of $4.315 per share, settled by offsetting related party receivables.
2024-06-28	Residual dividend payable of $1,266 paid in cash.
2024-09-20	ELC Group Holdings Ltd. incorporated in the Cayman Islands; issued 160,079 Class A and 39,920 Class B ordinary shares in nil-paid form.
2024-10-16	Share Exchange completed, making EL Connect Pte Ltd a wholly-owned subsidiary of ELC Group Holdings Ltd.; Class A and Class B shares credited as fully-paid.
2024-10-01	Company entered into trade receivables factoring arrangement (Loan X) for $488,605 at 7.5% interest.
2024-11-27	Audit report date for fiscal years ended June 30, 2023 and 2024.
2024-12-15	ASU 2023-07 (Segment reporting) effective for fiscal years beginning after this date.
2025-02-05	Employment Agency License expires.
2025-03-01	Ms. Lee Sin Yee promoted to Finance Manager.
2025-04-04	Class 3 Cleaning Business Licence expires.
2025-06-13	Company undertook a 125-for-1 share subdivision.
2025-07-02	Company undertook a 4-for-5 reverse share split.
2025-07-08	Date of retrospective adjustments for Notes 1, 11, and 13 in the audit report.
2025-08-25	F-1/A registration statement filed with the SEC; approximate date of commencement of proposed sale to the public.
2025-12-15	ASU 2023-09 (Income Tax Disclosures) effective for annual periods beginning after this date.

Recommendation

hold

The company is undergoing a significant strategic transition, moving away from lower-margin cleaning services towards higher-margin manpower supply and software solutions. While the growth in manpower supply and the introduction of software licensing are positive indicators for future profitability, the recent financial performance shows a substantial decline in overall revenue and net income, leading to a net loss in the most recent interim period. The identified material weaknesses in internal controls and the inherent risks associated with international expansion and reliance on key customers warrant caution. The IPO proceeds are crucial for funding these growth initiatives and addressing liquidity, but the dual-class share structure limits the influence of Class A shareholders. Given the mixed financial signals, the strategic pivot, and the inherent risks of an early-stage public company, a 'hold' recommendation is appropriate. Investors should monitor the successful execution of the growth strategies, remediation of internal control weaknesses, and sustained improvement in profitability from the new business focus before considering a stronger position.

Keywords

Manpower Services, Staffing, Gig Economy, Facility Management Software, AI, IoT, Singapore, Nasdaq IPO, EL Connect App, TaskForce App, Human Resources, Temporary Staffing, SaaS, Technology, Recruitment

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