Globe makes digital transition official
Globe Telecom has confirmed it is pivoting its primary business to become a "digital solutions group", as its market valuation set a new record.
Listed on the Philippine Stock Exchange (PSE) the firm is valued at more than P363 billion as of August-end.
“Over the years, Globe has shown remarkable growth as a result of its exemplary performance and sound management decisions. This, in turn, earned the trust of our stakeholders whose support allows us to continuously expand our businesses, offer quality products and services, and reach more customers,” said Ernest Cu (pictured), Globe's president and CEO.
Now embarking on its pivot to become a digital solutions group, Globe said it would focus on "enabling a robust digital ecosystem for the Filipino". It will also "continue to look for new ventures that are ready to scale", building on its existing footprint in fintech, healthcare, entertainment, adtech, e-commerce, manpower, IT services, and venture capital.
Globe's 917Ventures is already assessing new areas that "would address various consumer pain points". Currently, its portfolio comprises GCash, Saas provider Rush, grocery shopping platform PureGo, Adspark and the health ventures KonsultaMD and HealthNow.
However, aside from ventures in adjacent sectors, Globe's plans were a little light on detail.
It currently counts 76.6 million mobile subscribers, including fully mobile broadband, alongside 3.8 million home broadband customers and 1.6 million landline subscribers.
Its subsidiaries include Innove Communications, Inc.; GTI Business Holdings, Inc.; Kickstart Ventures, Inc.; Asticom Technology, Inc.; Globe Capital Venture Holdings, Inc.; Bayan Telecommunications, Inc.; TaoDharma Inc.; GTowers Inc.; Yondu, Inc.; and Electronic Commerce Payments, Inc.
Globe, which is working with Nokia on its 5G roll out, is the largest mobile network operator in the Philippines. Last year it agreed to pay $4 million to acquire all the assets of US-based cloud consulting companies, Cascadeo Corporation and Cascadeo Partners. At the time it said the deal was part of its strategy "to supplement telecoms operations with a suite of cloud-native products and services".
Strengthening its telecoms service provision, back in May the firm said it was assessing wholesale satellite services to extend broadband coverage to rural areas.