SINGAPORE (May 27): Trax, a Singapore-based startup serving the retail industry, is finalising a deal to raise US$100 million ($137 million) at a pre-money valuation of about US$1.1 billion, a price tag that could make it the second most valuable startup in the city-state.

The company is talking with a few private equity firms and the new funding round is expected to close by the end of June, Chief Executive Officer Joel Bar-El said in an interview ahead of a conference at Singapore Exchange on Monday. Trax raised US$125 million last year in a round led by Chinese private equity firm Boyu Capital, and Singapore’s GIC came on board as a shareholder later.

The new round is aimed at financing three acquisitions. Trax recently signed a deal to buy a direct competitor in Beijing, and it’s in advanced negotiations to buy a European competitor and a US company, Bar-El said.

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