Globe forges deal to acquire US technology firms
AYALA-LED Globe Telecom, Inc. said it has entered into an agreement to acquire for $4 million (P200 million) substantially all of the assets of US-based technology companies Cascadeo Corp. and Cascadeo Partners.
The telecommunications service provider said the purpose of the agreement is to speed up the development of its Information and communications technology (ICT) capabilities and solutions, and to provide a full suite of cloud-native products and services to its customers.
In a disclosure to the stock exchange, Globe said the executive committee of its board of directors approved on Friday the acquisition of the assets of Cascadeo Corp., Cascadeo Partners, and Cascadeo’s Philippine unit Cascadeo, Inc.
Globe said the committee also approved the creation of new entities through which the acquisition will be made.
“Globe, along with Cascadeo, will make follow up investments for growth capital to fund the company’s expansion strategies,” it said.
Cascadeo was founded in 2006 and focuses on automation, cloud-native platform, data analytics, serverless infrastructure, and programmatic security.
The company, headquartered in Seattle, Washington, also provides professional consulting services.
Globe said further that Cascadeo operates a Cloud Operations Center of Excellence in Manila, which serves its customers in both the US and the Philippines.
Globe President Ernest L. Cu said: “The joint venture with Cascadeo will further strengthen our ability to invent, innovate, and experiment. 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.”
Meanwhile, Cascadeo Corp. Chief Executive Officer Jared Reimer said: “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.”
He also cited Globe’s “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,” Mr. Reimer said. — Arjay L. Balinbin
