Technology services firm NCS has announced a strategic joint venture with Globe Telecom in the Philippines, acquiring a 51% stake in Globe’s IT subsidiary, Yondu. This move will significantly expand NCS’ workforce in the Philippines from 150 to over 1,200 professionals, enhancing its Global Delivery Network and offering clients increased access to digital, cloud, data, and AI services.
The joint venture, to be renamed NCS Philippines, aims to leverage NCS’ global resources to augment Yondu’s existing services, which include Custom Software Development, eCommerce Solutions, and Cloud platforms. Ng Kuo Pin, CEO of NCS, highlighted the venture as a “significant milestone” in their Asia Pacific growth, emphasising the potential for business transformation and innovation in the telecommunications sector.
Ernest Cu, CEO of Globe, expressed optimism about the partnership, stating, “Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide.”
The transaction, valued at PHP 1,868m (approximately S$44m), involves a net consideration of PHP 134m (approximately S$3m) by NCS, funded through cash and internal resources. The deal is subject to certain conditions precedent before its finalisation.
This collaboration comes as the Asia Pacific IT services market is projected to grow at a compound annual growth rate of 6.2% from 2024 to 2028, with the Philippines expected to see an 8.7% growth rate, according to IDC. The joint venture positions NCS to capitalise on this growth, enhancing its service offerings and market presence in the region.
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