Conglomerate Ayala Corp. is giving up its human resource (HR), customer relationship management and digital solutions business under HCX Technology Partners Inc. and consolidating this into the shared services unit of telecom arm Globe Telecom Inc.
Ayala has signed an agreement to sell its 100-percent stake in HCX to Asti Business Services, Inc. (ABSI), which aspires to become the number one shared services provider in the country. ABSI is a unit of Globe Telecom’s subsidiary Asticom Technology Inc.
“With its strong expertise in providing business process and shared service support, IT systems integration and consultancy services and having a wide clientele network, ABSI is best positioned to take HCX to its next phase of growth,” Ayala said in a disclosure to the Philippine Stock Exchange on Monday.
HCX is a full-fledged systems integration company offering human capital, customer relationship management and digital solutions to its clients. It was established by Ayala in 2016 as a shared services center providing human capital management services to the Ayala group of companies. The group rebranded an old company called HR Mall, which has been responsible for automating and centralizing payroll systems and solutions across the conglomerate.
The consideration for this transaction accounted for less than 10 percent of Ayala’s total equity, the disclosure said.
ABSI was created to provide shared services to a multitude of industries including telecommunications, financial technology, information technology, retail, health, logistics, automotive, banking, education, real estate and aviation. INQ