By Denise A. Valdez, Reporter
GLOBE Telecom, Inc. wholly owned subsidiary Yondu, Inc. is targeting to reach P940 million in revenues at the end of the year as it continues to expand its portfolio of digital services.
The information technology (IT) solutions firm said yesterday it is expecting a 25% rise in revenues by end-2019, driven by the growth of its technology and managed services.
“Since we lost VAS (value-added services) last year, growth is coming from managed services and managed expert services,” Yondu President and Chief Executive Officer Joan D. Peñaflorida said in a media briefing in Taguig City yesterday, referring to the dissolved business segment.
Ms. Peñaflorida said Yondu has been recording a compound annual growth rate of 10-12% in the past years, with 40-50% of the revenues coming from financial and telco clients for its IT solutions.
Yondu offers services such as ready-to-use digital platforms, software development and IT staffing, aside from managed services.
Ms. Peñaflorida also said Globe’s reacquisition of the company earlier this month will help it become a bigger player in the market, mainly because it will now be integrated with the information and communications technology (ICT) initiatives of the Ayala-led telco.
“There’s a lot more opportunities now that we’re back in Globe: capabilities, growth in terms of client portfolio, partnerships and whatnot,” she said.
“I think the synergy and the collaboration that we will do moving forward will take us forward and will probably make us more aggressive in terms of growth from here on,” she added.
To recall, Globe bought back 51% of shares in Yondu from Xurpas, Inc. on Sept. 12, four years after it initially allowed Xurpas to come in as majority shareholder of the company.
Globe said the acquisition of Yondu is intended to help it grow its enterprise business. “We believe in Yondu’s growth prospects as we leverage on its capabilities in a robust IT industry,” Globe President and Chief Executive Officer Ernest L. Cu said then.
Moving forward, Yondu said its focus is to become the leading player in the country’s IT industry. Its presence is predominantly in Metro Manila today, and the plan is to take it to the regions starting next year.
“There’s still a lot of opportunity in the local market, and our game play for the next two to three years is to dominate the IT scene,” Yondu Vice-President for Enterprise Solutions Ramon P. Hirang said.
Yondu currently has more than 200 clients, with some of its most well-known products being the Bonifacio Global City mobile application and Globe’s public hotspot service GoWiFi.