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Manila Bulletin devider Business devider Globe on track to go beyond telco

Globe on track to go beyond telco

Published Feb 21, 2022 08:43 am

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Globe on track to go beyond telco

Globe Telecom Inc. is on track to go beyond its flagship telco business and become a digital solutions platform, announced President and CEO Ernest L. Cu.

“I think we’re seeing significant progress,” said Cu during a recent financial media briefing.

“Telco continues to be a very viable platform and a good springboard for new businesses to develop much like what we’ve done with Mynt,” he explained.

Mynt operates e-wallet and fintech platform GCash.

“Using our core telco business and spurred by rapid consumer digital adoption, we are doubling down on the shift to become a digital solutions platform," Cu confirmed.

"Globe currently offers several diverse high-growth enterprises in healthtech, fintech, adtech, e-commerce, e-learning, and entertainment, among others," he elaborated.

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For one, Globe’s digital advertising agency, AdSpark, generated a revenue of over P1.2 billion in 2021, higher by 32 percent from full-year 2020.

Today, it is “one of the largest ad agencies and companies in the country,” Cu pointed out.

Loyalty solutions provider, RUSH, also posted more than 100 percent revenue growth versus full-year 2020.

It has also grown its user base to 3.8 million, supporting businesses in their entry into the digital space.

Meanwhile, online grocery shopping platform PureGo, a partnership with Puregold, registered sales growth of over 75 percent in 2021, quickly expanding its reach.

The service is now available in all cities in Metro Manila, and in Cavite, Bulacan, and Rizal.

AdSpark, RUSH, and PureGo are among portfolio companies under 917Ventures, a wholly-owned subsidiary of Globe.

Other start-ups include the country’s largest e-wallet GCash and telehealth service platform KonsultaMD, which both grew dramatically in 2021.

Furthermore, Globe continues to scale up information technology solutions and services through multi-payment platform Electronic Commerce Payments Inc. (ECPay), which now has a general trade retail base of over 89,000.

Globe's corporate venture capital arm Kickstart Ventures now has $255 million aggregate assets under management, from just $2.4 million in 2012.

It focuses on media, content and advertising, fintech, and logistics tech, among others.

Globe’s wholly-owned subsidiary Asticom Technology Inc., has logged a Compound Annual Growth Rate (CAGR) of 33 percent from 2015.

The shared services company has also formed four subsidiaries as it aspires to be the leading-edge local solutions provider for the telecom and technology industries. Asticom manages about 4,500 people and serves more than 120 clients from all over the country.

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