Converge ICT earmarks $250 million investment for expansion

Converge ICT has announced that it has received a $250PHP 14,671INR 21,187EUR 238CNY 1,820 million (PHP 12.8USD 0.22INR 18EUR 0.21CNY 2 billion) investment which the company will use to expand its fiber infrastructure in the Philippines.

The investment was from Warburg Pincus, a private equity firm based in the United States. It is also the firm’s first investment in the Philippines.

Photo caption 1: (L-R) Converge ICT COO Jesus C. Romero, Converge ICT President & CEO Dennis H. Anthony Uy, Maria Grace Y. Uy, U.S. Ambassador to the Philippines Sung Y. Kim, DICT Secretary Gregorio Honasan, and Warburg Pincus LLC Managing Director Saurabh Agarwal

With this investment, Converge ICT will be able to fast-track the construction of its $1.8PHP 106INR 153EUR 2CNY 13-billion nationwide internet backbone. The current rollout includes a $70PHP 4,108INR 5,932EUR 67CNY 509-million domestic submarine cable with 20 landing stations across the Philippines. The Luzon backbone is expected to be completed by the first quarter of 2020. Converge ICT is looking at capturing 30% of the country’s broadband market in the next few years.

“Since going full throttle with our fiber network roll-out and package offerings, the change in overall Philippine performance has been noticeable,” said Dennis Uy, founder, and president, Converge ICT. “In 2018, the average connection has risen to 18Mbps. We don’t take full credit but the company’s contributions have been undeniable.”

“We are excited about the country’s young, digital-savvy population and its thriving services industries, which have created an outsized need for connectivity and will create explosive growth in the broadband space,” said Saurabh Agarwal, managing director, Warburg Pincus. “Converge ICT is a remarkable business and growth story and I am confident that it will continue to achieve significant growth milestones and solve the ever-increasing connectivity needs of the country.”

Diangson Louie

This article was written by Louie Diangson, Managing Editor of YugaTech. You can follow him at @John_Louie.

https://www.yugatech.com

One Comment

Mark Anthony Verano says:

5 years ago

Paki paabot sa Corporate nyo. Your internet service might be exceptional but processing a refund takes forever. Wala po sa terms and condition nyo ang ganung paraan. Tinitrain nyo pa magsinungaling mga ahente nyo. Wala man lang positive scripting. In the first place hindi ko po kasalanan na nagbayad ako. Ang sabi ng ahente serviceable yong area namin at my open na linya. Kaya ako nagbayad ura urada. Gusto ko lang ipaalam sa lahat kung anong klaseng proseso meron kayo pagdating sa refund. Halos po ayaw nyo na ibalik ang pera. Sa halagang apat na libo nagpapasahan kayo kung sino ba talaga ang liable. Hindi ako mayamang tao kaya mahalaga sakin ang bawat sentimo. Kahit kanino naman po siguro. I could’ve invested it in some other things pero dahil sa panggigipit nyo hindi nyo parin binabalik ang pera na nanggaling naman talaga sakin. Dalawang buwan na po na in process ang refund. I really don’t know what is up with you pero you can tell me naman kung hindi nyo na ibabalik ang pera kaysa naman para akong tanga na pinapangakuan nyo nang kung anu ano. Yon lamang po!
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