PH Digest: Concepcion Tech buys Teko; PLDT invests $41m in Multisys

PLDT Teko
Source: PLDT

Philippine-listed firms Concepcion Industrial Corporation and PLDT have recently disclosed their separate investments in two technology companies in the Philippines.

Concepcion’s tech unit acquires Teko.ph

Cortex Technologies Corporation, a wholly owned tech subsidiary of Philippine-listed Concepcion Industrial Corporation, has acquired appliance repair tech startup Teko Solutions Asia Inc, operator of Teko.ph.

Financial details of the transaction were not disclosed but Concepcion Industrial told the Philippine Stock Exchange that the deal involved the acquisition of majority stake in the technology startup.

Teko uses a proprietary platform for real-time access to service and repairs for home appliances, such as air conditioners, refrigerators, washing machines, and water heaters.

The platform, Teko.ph, handles all interaction between the consumer and technician. Since its inception in 2017, Teko has built a supply of over 850 certified technicians and covered over 4,000 jobs in the Metro Manila area.

Cortex president and CEO Sean Byrne said, the acquisition forms part of his company’s commitment to exploring emerging technology. Cortex’s parent firm, Concepcion, is one of the Philippines’ top providers of air conditioning units and refrigerators.

PLDT completes $41m investment in IT firm Multisys Technologies

Listed telco giant PLDT said it has completed its P2.15-billion ($41 million) investment in Philippine software development and IT solutions provider Multisys Technologies Corporation (Multisys).

The investment, which was carried out by PLDT Global Investment Holdings, brings PLDT’s total equity stake in Multisys to 45.73 per cent, the company said in a stock exchange disclosure.

Multisys has developed a number of software platforms for various clients. These platforms include those for payment gateways, such as Bayad Center, utilities, data center setup and connectivity, big data handling and analytics, and cybersecurity.

PLDT chairman and CEO Manual V. Pangilinan said Multisys will enable PLDT to offer more custom-made solutions to its customers and positions the company as a telecom and digital services provider with core software development capabilities.

PLDT recently announced the closing of the $175-million investment in its subsidiary, Voyager Innovations, by global private equity firm KKR and Chinese Internet giant Tencent Holdings.

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