BIZ BUZZ: Dennis Uy to buy local Google partner
Like how many of the global tech giants have expanded their enterprises, tech tycoon Dennis Anthony Uy is on the hunt for promising tech startups to enhance the ecosystem of Converge ICT Solutions Inc. and help more businesses with their digital transformation beyond connectivity services.
Through his in-house venture capital arm, Converge Ventures, Uy told Biz Buzz he was about to finalize a deal to acquire a homegrown information technology company called MaroonStudios.
Founded by a group of engineers (we can easily guess which university they graduated from) in 2014, MaroonStudios is a small but growing player in cloud and cybersecurity integration and a local partner of tech giant Google. It’s Google itself that referred this company to Uy, and Converge has become a client, along with several public sector institutions.
Uy said MaroonStudios has about 40 engineers to date. He is keen on getting 100 percent of the tech company but said he may leave a small stake to the founders as an incentive.
According to its website, cloud technology company Sagesoft Solutions and angel investment firm Bonifacio Triangle Capital Holdings participated in MaroonStudios’ seed funding round in 2016.
In 2018, the tech firm launched its health IT subsidiary HealthBlocks Inc., which focused on providing modern hospital and clinic management solutions at an affordable price. It likewise cofounded the digital event ticketing and streaming company Ticket2Me Pte. Ltd. that year.
Uy said MaroonStudios is now the third investee company in the basket of Converge Ventures, which had earlier likewise invested in software and Internet of Things ventures. —Doris Dumlao-Abadilla
NLEx gears up for tech upgrades
The operator of North Luzon Expressway (NLEx) is allocating about P1.4 billion to equip the tollway with technology aimed at making toll transactions seamless.
NLEx Corp. wants to install automatic license plate recognition cameras on all its 315 toll lanes. So far, it has 77 lanes equipped with this technology that captures license plate data from vehicles at barrier-less plazas.
A portion of the budget will be used to deploy high-frequency antennas that can read RFID (radio frequency identification) stickers more efficiently.
The subsidiary of Metro Pacific Tollways Corp. has also invested in additional speed cameras in a bid to strengthen traffic law enforcement.
“Over the years, NLEx Corporation has shown its commitment to providing world-class service,” NLEx Corp. chief finance officer Maria Theresa Wells said. —Tyrone Jasper C. Piad
