Ryde Group Ltd (NYSE American:RYDE) has entered into a non-binding term sheet with OneT Solutions Pte. Ltd. and its two shareholders for a proposed minority strategic investment. The announcement was made on October 23, 2026, and follows a memorandum of understanding between the companies announced on 12 August 2026.
#Proposed stake and consideration
Under the proposed arrangement, Ryde would acquire an initial 10% equity interest in OneT from its two existing shareholders. Consideration would consist 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. If exercised, the option could bring Ryde’s total ownership interest to 20%, subject to the proposed transaction terms and applicable limits.
Following completion of the initial proposed investment, OneT’s existing shareholders would retain a 90% ownership interest. OneT would continue to operate independently under its management team, led by Chief Executive Officer Frank Teh.
#Valuation and conditions remain unresolved
The final valuation of OneT has not been agreed. It remains subject to independent valuation and satisfactory due diligence.
The proposed investment structure, consideration and other commercial terms are still under negotiation and may be revised before definitive agreements are signed. The transaction would also require applicable corporate and regulatory approvals, along with other applicable conditions.
The term sheet is non-binding except for specified provisions covering exclusivity, the outside date, announcements, costs, legal effect and governing law. The existing confidentiality agreement between the parties remains in force. Ryde and OneT stated that there can be no assurance that definitive agreements will be entered into or that the proposed investment will be completed, whether in whole or in part.
#Due diligence timetable
The term sheet provides for a 60-day exclusivity period. During that period, the parties intend to undertake due diligence, obtain an independent valuation and continue negotiations.
The companies have set a target of executing definitive agreements within 90 days following signing. This is a target rather than confirmation that a completed transaction will occur.
#Technology collaboration
Ryde and OneT are already exploring cooperation in application security, DevSecOps, vulnerability assessment and penetration testing, managed detection and response, security operations and other cybersecurity and technology initiatives.
OneT is a Singapore-based provider of cybersecurity, DevSecOps and observability solutions. Its services include managed security services, security operations centre capabilities, application security and observability solutions for enterprises in sectors including financial services and the public sector.
The companies’ broader areas of collaboration include cybersecurity, digital transformation, artificial intelligence and data centre infrastructure. OneT has identified AI and data centre infrastructure as strategic areas alongside its existing cybersecurity and digital transformation work.
#Company background
Ryde describes itself as a Singapore-headquartered technology platform serving mobility and quick commerce needs. Its services include carpooling, private hire, taxi and delivery offerings, and its shares trade on the NYSE American under the ticker NYSE American:RYDE.
OneT Solutions was established in 2018 and provides cybersecurity, DevSecOps and observability services to enterprise customers. Frank Teh is the company’s chief executive officer.
#Key Takeaways
- Ryde has entered a non-binding term sheet for a proposed initial 10% investment in OneT Solutions.
- Payment would combine cash with newly issued Ryde Class A ordinary shares.
- Ryde could acquire up to an additional 10% within nine months following completion of the initial investment, potentially reaching 20% ownership.
- OneT’s valuation has not been agreed and remains subject to independent valuation and satisfactory due diligence.
- The proposal remains subject to negotiations, definitive agreements, corporate and regulatory approvals, and other applicable conditions.
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