Globe Telecom announced on Friday, April 17, that it has entered into an agreement to acquire all of the assets of US-based cloud computing company Cascadeo for $4 million (about P203 million).
In a statement, the Ayala-owned telco said it will create new corporate entities through which the acquisition will be made. The sale agreement is expected to be finalized in the next few months following completion of regulatory approvals.
As part of the transaction, Globe said it will make follow-up investments for growth capital to fund the company’s expansion strategies.
Founded in 2006, Cascadeo is headquartered in Seattle, Washington and maintains a Cloud Operations Center of Excellence in Manila, which supports their customers in the US and the Philippines.
Globe said its pool of resources and extensive reach in the Philippine market together with Cascadeo’s specialized expertise in cloud-based products and services will bring forth synergies that are expected to benefit local and US enterprise clients through an upgraded cloud-based product and service offering.
“The joint venture with Cascadeo will further strengthen our ability to invent, innovate, and experiment,” said Globe president and CEO Ernest Cu. “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.”
The deal forms part of the strategy of Globe Business to accelerate development of its ICT capabilities and solutions and to provide customers a complete suite of cloud-native products and services, according to the telco.
“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,” said Jared Reimer, CEO of Cascadeo Corporation.
“We also admire that Globe has 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.”