ePLDT buys IP Ventures’ data center unit for undisclosed sum

A subsidiary of Philippine Long Distance Telephone Co. (PLDT) has acquired the data center and cloud services business of publicly-held IP Ventures Inc. for an undisclosed sum.

 

ePLDT and IP Ventures signed a share purchase deal covering 100 percent of issued and outstanding capital stock of IP Converge Data Services Inc., PLDT said in a statement attached to its disclosure to the Philippine Stock Exchange on Friday.

 

The amount was not disclosed.

 

PSE data showed IP Converge, which provides data center and cloud computing services to enterprises, has a market capitalization of P517 million.

 

Of its 221.866 million outstanding shares, 181.866 million are listed on the PSE.

 

The deal completes ePLDT’s suite of datacenter products and expand its cloud solutions business, said PLDT president Napoleon Nazareno.

 

“With the combined capacity of our data centers reaching about 2,000 racks, we are strongly positioned to service the growing data center and business solutions requirements of both large- and medium-sized businesses going forward,” he said.

 

Through its two Internet data centers, IP Converge, provides enterprises with managed data services and cloud-based business solutions.  

 

IP Ventures CEO Enrique Gonzalez noted, "We see this agreement with PLDT as a major milestone... PLDT brings tremendous strategic value to the table.”

Last July, ePLDT sold its 27-percent equity of 397.892 million shares in Philweb Corp., a gaming company led by former Trade Minister Roberto Ongpin, for P4.257 billion. — VS, GMA News