Concepcion Industrial takes over technology startup

Concepcion Industrial Corp., the listed maker of airconditioners and refrigerators, acquired control of technology startup Teko Solutions Asia Inc. to support after sales appliance service and repair activities.

Teko Solutions was established in 2017 and uses a proprietary platform for real-time access to service and repairs for home appliances such as airconditioners, refrigerators, washing machines and water heaters.

The company also taps self-employed, qualified and screened entrepreneur technicians—a first in the Philippines.

The Teko platform handles all interaction between the consumer and technician.

“There’s an obvious synergy between Teko and the after sales services offered by many of CIC’s consumer brands, such as Carrier, Condura, Midea and Toshiba as our consumers demand convenient after sales service using mobile and web technology,” said Sean Byrne, president and CEO of Cortex Technologies Corp.

Cortex is CIC’s wholly owned subsidiary focused on technology research and development.

In a stock exchange filing on Tuesday, CIC said Cortex paid an initial P19.9 million to acquire 30 percent of Teko Solutions.

The company will acquire the remaining 21 percent once the deal closes.

“With Teko.ph’s technology and business model, this venture gives CIC an opportunity to build a nationwide after sales network creating an appealing employment opportunity for individuals with the right skills, motivation, and entrepreneurial spirit,” Byrne added.

Teko has built up a supply of over 850 certified technicians and covered over 4,000 jobs in the Metro Manila area, the disclosure showed.