Globe Telecom Inc., through unit GTI Business Holdings Inc., is acquiring US-based cloud consulting companies for P200 million.
The company, owned by conglomerate Ayala Corp., said its board of directors approved the acquisition of substantially all the assets of US-based Cascadeo Corp. and Cascadeo Partners and Cascadeo’s Philippine subsidiary, Cascadeo Inc., for $4 million or P200 million.
The board also approved the creation of new entities through which the acquisition will be made.
As part of the transaction, Globe, along with Cascadeo, will make follow-up investments into the entities to raise capital and fund the company’s expansion strategies. Full execution of the agreement is scheduled in the next few months following the completion of regulatory approvals.
The investment follows Globe’s trust to build a robust ICT portfolio and deliver tools and solutions that propel businesses to stay competitive towards the digital future.
Globe’s vast resource pool and extensive reach in the Philippine market, along with Cascadeo’s specialized expertise in cloud-based products and services, bring forth synergies, which will be passed on to the Philippine and US enterprise clients through an upgraded cloud-based product and service offering.
“The joint venture with Cascadeo will further strengthen our ability to invent, innovate, and experiment,” said Globe president and chief executive Ernest Cu.
“We will be leveraging on Cascadeo’s Cloud-Native Consulting and Managed Services capabilities to further solidify our credibility as a cloud solutions provider for enterprises and small and medium business customers who are ready to digitally transform,” he added.
The deal forms part of the strategy of Globe Business to accelerate development of its ICT capabilities and solutions and provide customers with a complete suite of cloud-native products and services.
“We’re excited to have a partner like Globe in the next stage of our growth journey. Their commitment to cloud-first and speed of adoption are rare to see in large organizations,” said Cascadeo Corp. CEO Jared Reimer.
“We also admire that Globe has balanced achieving business goals with taking care of their people. We continue to be amazed by the talent of the Filipino workforce and partnering with Globe will be instrumental in helping us become an employer of choice as we broaden our footprint in the Philippine market,” Reimer added.
Founded in 2006, Cascadeo is one of only a few elite Amazon web services premier consulting partners in North America and is also a managed services provider .
Its expertise lies on automation, cloud-native platform as a service, data analytics, serverless infrastructure and programmatic security.