Globe Telecom Inc (GLO.PS) said on Wednesday it had formed a joint venture with NCS Pte Ltd to expand the operations of its information technology subsidiary, Yondu Inc, targeting a broader client base in Asia-Pacific.
Under the agreement, NCS will acquire a 51% stake in Yondu from Globe, which will retain a 49% interest. Yondu will also acquire NCSI Philippines, a subsidiary of NCS, making it a wholly owned unit. The transaction values the joint venture at 1.87 billion pesos ($33 million).
Globe, a major Philippine telecom and digital services provider, said the deal would enhance Yondu’s capabilities in delivering digital, cloud, data, and artificial intelligence (AI) solutions to local and international clients, particularly in the telecommunications sector.
“Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide,” Globe CEO Ernest Cu said in a statement.
NCS, a technology services firm under Singapore Telecommunications Ltd (Singtel), said the partnership would strengthen its regional presence and address growing demand for AI-led solutions in the Asia-Pacific region.
“Globe and Yondu’s deep country expertise, coupled with NCS’ technology capabilities, will increase our capacity to drive business transformation and innovation,” NCS CEO Ng Kuo Pin said.
The agreement remains subject to closing conditions, Globe said.
Yondu, with over 20 years of experience, provides IT solutions such as custom software development, cloud services, and managed security. NCS, with a workforce of 13,000, offers technology services across digital platforms, cybersecurity, and data engineering.
Business News Asia
