Globe Telecom Inc. is acquiring a majority stake in business application consulting and systems integration company Third Pillar Business Applications Inc. for P173 million, effectively expanding its ability to provide digital solutions to enterprises.
The transaction involves the acquisition by Globe of a 67-percent stake in Third Pillar, making it the majority shareholder in the company which has been instrumental in the growth of customer relationship management firm Salesforce.
The agreement also mandates Third Pillar to acquire shares of Third Pillar Global Delivery Center Inc., its outsourcing affiliate. The cost for the said share purchase exercise is at P52 million.
“The acquisition of Third Pillar expands our suite of cloud business offerings and this includes Software-as-a-Service applications, which is now the platform of choice of businesses that prefer faster service capabilities in a cost-effective manner,” Globe President Ernest L. Cu said.
The transaction was made through Globe’s wholly-owned subsidiary, GTI Business Holdings Inc.
“Globe’s investment in Third Pillar empowers both entities to face the digital future from a position of strength. Globe will be able to enhance its ability to provide enterprise business solutions to its customers, which is a critical complement to its core business,” Third Pillar President Jennifer Ligones said.
“In turn, Third Pillar will be able to achieve greater efficiencies and sustainable local and global growth as it gains access to Globe’s platform, customer base and expertise.”