Header Ads

Converge ICT will allocate 250M US dollars investment for fiber expansion in the Philippines

Internet service provider Converge ICT recently accepted a multi-million-dollar investment from a US private equity firm, Warburg Pincus.
Converge ICT will allocate 250M US dollars investment for fiber expansion in the Philippines
Converge ICT top executives with DICT secretary Gregorio Honasan and Warburg Pincus Managing Director Saurabh Agarwal

The goal for a more reliable internet connection for Filipino consumers

This is the Warburg Pincus' first investment in this country. The firm’s decision to stream fresh funds to Converge ICT is based on the former's profound business expertise and insight.

Saurabh Agarwal, managing director of Warburg Pincus noted that the need for connectivity since the Philippines has a young and digital-savvy population and flourishing industries.

Converge ICT is a remarkable business and growth story and I am confident that it will continue to achieve significant growth milestones and solve the ever-increasing connectivity needs of the country.

The company has been expanding its fiber infrastructure to provide Filipinos access to a more dependable internet connection. The 250 million dollars or 12.8 PHP billion asset will be budgeted on rollout plans for fiber connections all over the country.

Converge ICT founder and president Dennis Uy stated that there was a remarkable change in overall Philippine performance, In 2018, the average connection has risen to 18Mbps. We don't take full credit but the company’s contributions have been undeniable.

Converge ICT claimed that it will acquire 30 percent of the country's broadband market in the next few years. According to the company, they will be able to speed up the construction of its USD1.8-billion nationwide internet backbone by using this investment.

It seemed that the internet service provider is planning to double its 500,000 subscribers by 2020. A big majority of the company’s customers are first-time fixed broadband service users and Converge ICT stated that it is targeting to grow this customer base by expanding in the months to come.

What are your thoughts on this?
Powered by Blogger.