Globe Telecom has agreed to pay US$4 million to “acquire substantially” all of the assets of US-based Cloud Consulting Companies, Cascadeo Corporation and Cascadeo Partners as part of its strategy to supplement telecoms operations with a suite of cloud-native products and services.
The resulting joint venture will bring developments for Globe’s Philippine and US enterprise clients in particularly, through what globe described as “an upgraded cloud-based product and service offering”.
“The joint venture with Cascadeo will further strengthen our ability to invent, innovate, and experiment,” said Globe President and CEO, Ernest Cu. “We will be leveraging on Cascadeo’s cloud-native consulting and managed services capabilities to further solidify our credibility as a cloud solutions provider for enterprises and small and medium business customers who are ready to digitally transform.”
Under the terms of the agreement, Globe will incorporate all the new entities with both parties committed to investing in future expansion strategies. Full execution of the agreement is targeted in the next few months, following completion of regulatory approvals.
“We’re excited to have a partner like Globe in the next stage of our growth journey. Their commitment to cloud-first and speed of adoption are rare to see in large organisations. We also admire that Globe has balanced achieving business goals with taking care of their people. We continue to be amazed by the talent of the Filipino workforce and partnering with Globe will be instrumental in helping us become an employer of choice as we broaden our footprint in the Philippine market,” said Jared Reimer, CEO of Cascadeo Corporation.