PLDT Inc. on Tuesday said it closed a P2.16-billion investment in a Philippine software development and IT solutions provider.
PLDT told the Philippine Stock Exchange it completed the closing of its investment in Multisys Technologies Corp. on December 3.
Upon the approval by the Securities and Exchange Commission of the capital increase of Multisys, PLDT said it would own an equity stake of 45.73 percent in Multisys through a combination of new and existing shares. The total transaction was estimated at P2.15 billion.
PLDT’s investment would be done through wholly-owned subsidiary PLDT Global Investments Holdings Inc. It said the transaction was expected to be completed by next month.
Multisys, founded by software programmer and entrepreneur David Almirol Jr., developed over the past eight years a number of software platforms that can be used by its pool of programmers to create highly scalable, flexible and customizable software solutions as required by clients.
The software platforms include those for payment gateways such as Bayad Center, utilities like power and water, data center setup and connectivity, big data handling and analytics and cybersecurity.
“This investment positions PLDT as a telecoms and digital services provider with core software development capabilities,” PLDT chairman and chief executive Manuel Pangilinan earlier said.
The specialized industry solutions of Multisys complement those of PLDT Enterprise and ePLDT. They can be further fortified by ePLDT’s managed infrastructure and cybersecurity solutions.
Multisys can also strengthen the ongoing digital initiatives of ePLDT and Voyager Innovations, especially in the fields of electronic payments and digital financial services.
PLDT earlier closed a $175-million investment in Voyager by KKR, a global investment firm, and Tencent Holdings Ltd., a leading provider of internet services in China.