Manila, Philippines – March 27, 2025 – Global technology service firm, NCS, announced its strategic joint venture with Globe Telecom and its Enterprise IT companies, Third PIllar and Yondu. NCS acquired a majority stake in Yondu to aid in the former’s expansion into the Asia-Pacific market and enhance its ability to provide digital, cloud, data, and AI services to its global clientele.
The joint venture will rapidly scale NCS’s Philippine workforce from 150 to over 1,200 professionals, establishing NCS as a key technology services provider in the country. By combining NCS’s global delivery capabilities with Yondu’s local expertise and resources, the partnership aims to accelerate the expansion of NCS’s Global Delivery Network.
NCS will integrate its global resources in digital, cloud, data, and AI services with Third Pillar and Yondu’s existing offerings, which include custom software development, eCommerce solutions, and cloud platforms. Following the transaction’s completion, the new entity will operate as NCS Philippines with its leaders composed of key figures from NCS, Globe, Yondu, and Third PIllar.
As one of the leading enterprise technology providers in the country, Third Pillar and its parent company, Yondu, are taking the necessary steps to preserve and expand its clientele by continuously offering excellent IT products and services. In the last year alone, Third Pillar has formed new partnerships and expanded its portfolio to include powerful new solutions, including Strategic Portfolio Management, AI-powered CX platforms, Intelligent Agreements, Fraud Analysis, and more.
This strategic collaboration between the companies comes at an opportune time. Market analysis from IDC forecasts the APAC IT services market to grow at a compound annual growth rate of 6.2% from 2024 to 2028, with the Philippines specifically projected to grow at 8.7% during the same period.
The transaction involves NCS, through its subsidiary NCSI Holdings, acquiring a 51% stake in Yondu. The post-transaction enterprise value of Yondu is PHP 1,868 million (approximately SGD 44 million), with NCS’s net consideration being PHP 134 million (approximately SGD 3 million), subject to net cash and debt adjustments.
This consideration is net of the PHP 818 million (approximately SGD 19 million) used by Yondu to acquire NCS’s existing subsidiary, NCSI Philippines. The transaction will be funded through existing cash and internal resources.
The closing of the transaction is contingent upon the fulfillment of specific conditions. As of December 31, 2023, the audited net asset value of NCS’s 51% stake in Yondu was PHP 605 million (approximately SGD 14 million), and the audited net asset value of NCSI Philippines as of March 31, 2024, was PHP 206 million (approximately SGD 5 million).
Source:
https://www.prnewswire.com/apac/news-releases/ncs-establishes-joint-venture-with-globe-telecom-to-acquire-a-majority-stake-in-yondu-globes-technology-solutions-arm-302412887.html