Why Excel-run businesses could be Southeast Asia’s next investment target

The next technology investment in Southeast Asia may be an established business whose operating system still lives in spreadsheets, chat threads and its founder's head. A Tech in Asia essay argues that buying and digitizing such companies can offer a different risk profile from creating a startup from scratch.

These businesses may already have customers, revenue, a recognizable brand and proven demand. Their weakness can be operational: manual processes that worked at a smaller scale become expensive or opaque as the company adds staff, locations and transactions.

The “scissor pattern”

The author proposes looking for a split between growth and earnings. Sales rise and gross margin stays solid, but profit falls as labor, utilities and other operating expenses climb. That pattern can indicate a company whose core economics work but whose systems have not kept pace.

Singapore restaurant operator Jumbo Group is offered as an example. In the six months through March 2026, revenue grew 7.9% to $82.6 million and gross margin edged up from 65.5% to 65.8%, while profit attributable to shareholders declined. Employee, utility and other operating costs increased.