DFNN, Spanish firm link up to improve cybersecurity infra
MANILA, Philippines — DFNN Inc., the technology investment firm of businessman Ramon Garcia Jr., is set to form a joint venture with a Spanish company to support the latter’s expansion in the Philippines, mostly in the software development and cybersecurity areas.
In a stock exchange filing on Monday, DFNN said its board of directors had approved the incorporation of a joint venture firm with Consulting Informatico de Cantabria SL (CIC).
At the same time, DFNN is also planning to raise P450 million in additional capital via private placements to allow it to pay existing debts and expand to other ventures.
In a separate stock exchange disclosure filed last week, DFNN said funds to be raised would also be used for the company’s expansion into cybersecurity and artificial intelligence, as well as the creation of new gaming platforms.
Part of the amount would likewise be used to pay taxes and fees “for issuance and listing of the new shares arising from the private placements.”
Private placements involve the direct sale of stocks to a private investor, as opposed to a public offering.
READ: DFNN records highest ever revenue and 497% EBITDA growth
The new partnership, on the other hand, would allow CIC to support the Philippines and “other Asian countries with the cooperation and in coordination with DFNN.”
Fundraising
CIC specializes in engineering and information technology (IT) project developments. It has projects in over 30 countries across the globe, according to DFNN.
The Cantabria-based company also offers services in software development and IT integration, information and communications technology infrastructure and cybersecurity.
CIC, which was established in 1990, serves the electricity, telecommunications, oil and gas, railways and government and public administration sectors.
READ: Gov’t, private sector team up to position Bataan as tech startup hub
In November last year, DFNN teamed up with the Department of Information and Communications Technology, the Freeport Area of Bataan and Silicon Valley’s Plug & Play to establish Horizon Philippines.
The startup and innovation project is seen to position Bataan province as a “hub for technology, new employment opportunities and sustainable economic development in the region.”
Garcia had said that the partnership would give DFNN and other Filipino companies insights into latest technology innovations that could help improve cybersecurity. —Meg J. Adonis INQ
