Tuesday, March 19, 2024

Local tech firm MDI gets ‘multi-billion’ peso infusion from Japan investment house

Local IT systems integrator Micro-D International Inc. (MDI), together with its fully-owned subsidiary Novare Technologies, said it recently sealed a “multi-billion peso” investment deal with Japanese private equity firm Advantage Partners (AP).

MDI and Novare Technologies founder Myla Villanueva

In an online press briefing, MDI and Novare Technologies founder Myla Villanueva said the investment will allow the company to expand its footprint beyond the Philippines.

“It has always been my goal to make MDI the Philippines’ national champion in technology. The partnership simply came at the most perfect time, when digital transformation became even more of an imperative for corporations to serve the evolving needs of their customers,” said Villanueva.

Villanueva did not divulge the financial details of the transaction.

For his part, Advantage Partners head of Asia Emmett Thomas said the firm is eager to work and further build the capacity of MDI in the local in ICT sector. “The transaction represents the first investment in the Philippines by AP Funds, and Advantage Partners is thrilled at the opportunity to help MDI fulfill its digital transformation mission in the Philippines and the rest of Asia,” said Thomas.

Founded in 1992, Advantage Partners has invested in 43 companies across a range of industries. Operating globally, AP offers portfolio and investment management, financial planning, investment advisory, and consulting services. Their main limited partners include Marubeni Corporation and Mitsui & Co.

“As we enter into this milestone partnership, we are confident that this will pave the way for more expansion opportunities for MDI and introduce more innovations and digital solutions that would help the country prepare for the next future, towards a more digitized world,” Villanueva added.

MDI Novare, on the other hand, was founded in 1988 and caters to blue chip companies in the Philippines to drive their digital transformation through application development, infrastructure, data analytics, and IT security. It also has industry expertise in telecommunications, financial services, public industries, and domestic conglomerates.

Global independent investment bank Evercore and international law firm Milbank advised MDI in the deal.

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