Singtel's NCS Expands in Philippines via JV for Improved Service Access

Singapore Telecommunications' technology services arm NCS is expanding its business in the Asia-Pacific region by forming a joint venture with Globe Telecom in the Philippines.

The technology company announced on Thursday (March 27) that its wholly-owned subsidiary NCSI Holdings has acquired a majority stake in Globe's Philippine IT unit Yondu. The company said in a statement that this move will enable customers to better access digital, cloud, data and artificial intelligence services.

NCSI Holdings will acquire a 51% stake in Yondu for a total net consideration of 134 million Philippine pesos (S$3 million), net of Yondu's acquisition of existing NCS subsidiary NCSI Philippines for 818 million pesos.

After the transaction is completed, the company's value will reach approximately 1.9 billion pesos. The new company will be renamed NCS Philippines.

NCS CEO Wong Kok Kiong said: "Globe and Yondu's deep national expertise, combined with NCS's technological capabilities, will enhance our ability to further drive business transformation and innovation, especially in the telecommunications field."

Through the joint venture, NCS' local workforce in the Philippines will increase from 150 to more than 1,200, and its global delivery network will be improved - combining NCS' delivery capabilities and capacity with Yondu's resources and skills.

Globe President and CEO Ernest Cu said the collaboration will "unlock new global opportunities" and enable Yondu to expand its global footprint and deliver more impactful IT solutions.

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Gannessha
03-28
Gannessha
Great article, would you like to share it?
Gannessha
03-28
Gannessha
Great article, would you like to share it?

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