Singapore-based tech services firm NCS has entered into a joint venture with Globe Telecom in the Philippines, acquiring a 51% stake in Globe’s IT subsidiary, Yondu. The partnership is set to significantly expand NCS’ presence in the country, increasing its local workforce from 150 to over 1,200 employees.
The new venture, to operate under the name NCS Philippines, will combine Yondu’s local expertise in software development, eCommerce, and cloud solutions with NCS’ global capabilities in digital, cloud, data, and artificial intelligence services. This integration is expected to strengthen NCS’ Global Delivery Network and enhance service delivery across Asia Pacific.
The transaction values Yondu at PHP 1.87 billion (USD 33 million). NCS will pay PHP 134 million (USD 2.4 million) for its stake, following net cash and debt adjustments. The valuation includes Yondu’s acquisition of NCSI Philippines, previously priced at PHP 818 million (USD 14.3 million).
The move aligns with strong growth forecasts for the Philippine IT services market, which is projected by IDC to grow at 8.7% annually from 2024 to 2028, outpacing the broader Asia Pacific average of 6.2%.
(Source: TelcoNews)
