Globe buys 67% of tech company

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    Globe Telecom Inc. yesterday approved the acquisition of a majority stake in technology firm Third Pillar Business Applications Inc. (TPBAI) for P173 million.

    Globe told the stock exchange the acquisition of a 67-percent stake of TPBAI is subject to closing and post-closing conditions including the purchase by TPBAI of shares of Third Pillar Global Delivery Center Inc.

    Globe unit GTI Business Holdings Inc. will execute the share purchase agreement with TPBAI and other definitive documents in relation to the transaction.

    Ernest Cu, Globe president and chief executive officer said the acquisition of Third Pillar expands the company’s suite of cloud business offerings and this includes Software-as-a-Service applications, which is now the platform of choice of businesses who prefer faster service capabilities in a cost-effective manner.

    Third Pillar is a business application consulting and systems integration company delivering innovative enterprise solutions that help organizations boost sales, improve customer intimacy, ensure data integrity, and reduce annual spending.