Miguel R. Camus
Business Mirror
Information technology (IT) company NCS Pte. Ltd., a unit of Singapore Telecommunications Ltd. (SingTel), has taken a majority stake in information-technology (IT) firm Ayala Systems Technology Inc., which the multinational plans to use as its platform to penetrate the overseas market.
In a filing to the stock exchange on Wednesday, Ayala Corp. said NCS—through subsidiary SCS Computer Systems Pte. Ltd.—purchased a 21% stake in Ayala Systems for P7.2 million.
The stake was bought from Ayala Corp.’s IT-focused subsidiary Azalea Technology Investments Inc. as well as from the Bank of the Philippine Islands (BPI) Computer Systems Corp. and Mitsubishi Corp.
“The acquisition increases SCS’s shareholding in Ayala Systems… to 51%, making Ayala Systems a subsidiary of NCS and SingTel. Azalea’s ownership of Ayala Systems is reduced from 59 percent to 49%,” said Ayala Corp. in a statement.
Ayala Systems caters to the IT needs of companies providing services like applications software design and development, project management and business process outsourcing. Established in 1988 by Ayala Corp., BPI and Mitsubishi Corp., the firm currently services clients in Japan, Europe, America and Australia.
“The acquisition will provide NCS and SingTel access to a large labor pool that is highly competitive in pricing but gives back excellent value,” added Ayala Corp.
NCS is a top IT services provider with a presence in more than 10 countries across the Asia-Pacific and Middle East regions, employing over 7,000 staff. Its customers include international blue chip market leaders and governments.
SingTel is Asia’s leading communications group with operations and investments in more than 20 countries and territories around the world. The telecommunications giant is listed on the Singapore Exchange as well as on the Australian Stock Exchange.
http://www.abs-cbnnews.com/business/10/28/09/singtel-unit-buys-ayala-it-firm