TSI to expand in SE Asia, offer cloud solutions
Information technology firm Touch Solutions Inc., which will debut on the Philippine Stock Exchange this month, plans to expand in Southeast Asia and develop cloud computing business applications in the next two years.
TSI is raising P99 million from an initial public offering to be held from December 6 to 12, with listing on the PSE’s second board scheduled for December 19, based on the company’s regulatory filing.
The second board is devoted to companies with a market capitalization of at least P250 million.
TSI’s offer consists of 22 million common shares, which will be sold at P4.50 each. After the offering, 39.5 percent of its outstanding stock will be in public hands. Abacus Capital & Investment Corp. is the underwriter.
Within the next two years, the company aims to increase its market share and become “the premiere open systems enterprise solutions provider for infrastructure software products and services.”
Based on its prospectus, the company plans to undertake a regional expansion program, initially in four Asian territories: Hong Kong, Thailand, Singapore and Malaysia.
“The planned expansion program will not only include the distribution and sale of subscriptions/licenses, but it will also be able to showcase the company’s sales support service, especially with the establishment of a help desk facility in the Philippines,” the prospectus said.
The company also unveiled plans to offer other services such as managed cloud hosting service with the planned establishment of a virtual data center, and mobile applications, web applications and software development services with the planned establishment of a software development facility.
These services are expected to improve the financial condition of the company, the prospectus said.
The company also plans to develop cloud computing business applications.
Cloud is a computing model where all the servers, networks, applications and other elements related to data centers are made available via the Internet.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.