Singtel’s NCS acquires majority stake in Globe IT unit

Singtel subsidiary and technology services company NCS is expanding its footprint in the Asia-Pacific region by acquiring a 51% majority stake in Globe Telecom’s IT unit, Yondu.

In a statement, NCS announced that its subsidiary, NCS Holdings, will acquire the stake at a post-transaction enterprise value of PHP1.86 billion (SGD44 million). The total net consideration for the deal is PHP134 million (SGD3 million), subject to net cash and debt adjustments as outlined in the joint venture agreement.

The acquisition aims to enhance global access to digital, cloud, data, and AI services. NCS described the deal as a joint venture, with the newly formed entity to be called NCS Philippines. Yondu’s current 150-strong workforce will expand to over 1,200, supported by NCS’ global expertise in digital transformation, cloud computing, data analytics, and AI. This will strengthen Yondu’s existing service offerings, which include custom software development, eCommerce solutions, and cloud platforms.

The move aligns with the rising demand for IT services in the Asia-Pacific region. According to research firm IDC, the APAC IT services market is projected to grow at a compound annual growth rate (CAGR) of 6.2% between 2024 and 2028, with the Philippines alone expected to see an 8.7% growth rate over the same period.

NCS CEO Ng Kuo Pin described the joint venture as a key milestone in the company’s regional expansion:

“This joint venture marks a significant milestone in our APAC growth journey as we continue to invest to meet the region’s growing demand for technology services, particularly AI-led solutions. Globe and Yondu’s deep local expertise, combined with NCS’ technology capabilities, will enhance our ability to drive business transformation and innovation, especially in the telecommunications sector.”

Globe Telecom CEO Ernest Cu added: “Partnering with NCS will unlock new global opportunities, enabling Yondu to expand its reach and deliver more impactful IT solutions worldwide.”