PLDT investing P2B in software firm
PLDT Inc. has announced its intention to invest P2.15 billion in software developer Multisys Technologies Corp., a deal that is expected to be completed next month.
PLDT said its board had approved the transaction, which would give it a 45.7-percent stake in Multisys, whose services and products span web and mobile development, cybersecurity, e-commerce and small- to medium-business solutions.
“This investment positions PLDT as a telecom and digital services provider with core software development capabilities,” said PLDT chair and CEO Manuel V. Pangilinan. “With the software savvy of Multisys, PLDT will be able to offer more custom-made solutions to its customers and thus deepen its relationships with them.”
The acquisition is rare of PLDT, which has been selling
noncore assets like Rocket Internet while taking on strategic partners, which was the case in its recent deal with China’s Tencent and KKR in Voyager Innovations.
Pangilinan said Multisys Technologies was different because it was already profitable.
“We forecast that its profits can double in 2019 and 2020. So we’re happy to do that,” Pangilinan told reporters.
Founded by software programmer-entrepreneur David L. Almirol Jr., Multisys has developed over the past eight years a number of software platforms that can be used by its pool of programmers to create “highly scalable, flexible and customizable software solutions as required by its clients.”
PLDT sees Multisys Technologies’ products supporting PLDT Enterprise and ePLDT as well as Voyager Innovations, which develops financial technology platforms.
“Working with Multisys will enable us to step up our efforts to provide compelling digital solutions to address the specific requirements of our Enterprise customers. This will sharpen our competitive advantage and at the same time accelerate our digital transformation,” Ernesto R. Alberto, PLDT chief revenue officer, said in a statement.
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