Internet service provider Converge ICT Solutions, Inc. aims to connect “millions of unserved and underserved” households and businesses by 2021 as it focuses on expansion in the coming years.
Dennis Anthony H. Uy, founder, and chief executive officer of Converge, told BusinessWorld on Tuesday. “We plan to continue to execute a dual-pronged network expansion strategy: first, under our ‘Go-National’ strategy, we plan to expand our domestic backbone nationwide to connect regions we have not covered to date; second, under our ‘Go-Deep’ strategy, we plan to further deepen our distribution and last-mile networks within existing and new coverage areas,”
“We expect to provide nationwide backbone infrastructure coverage by 2021. In parallel, we are continuing to build out the capillaries of our distribution and last-mile networks throughout Luzon, as well as expanding beyond Luzon to Visayas and Mindanao,” Pampanga-based businessman Mr. Uy added.
“In May 2020, we acquired approximately 50,000 new residential subscribers (gross), the highest monthly gross adds on record, compared to monthly new residential subscriptions (gross) of approximately 33,000 in each of January and February 2020. In June 2020, we added approximately 60,000 new residential subscribers, exceeding the May 2020 record by 20%,” Mr. Uy said.
Converge ICT has set an innovative and flexible high-capacity backbone. “The new 400G metro backbone utilizes industry-leading optical solutions from a United States-based networking systems, services and software company,” he said.
“The 400G optical solution will enable us to be flexible and efficiently improve the capacity of our nationwide backbone to deliver a more seamless user experience for our existing and potential customers,” he added.
The company is looking to list in the Philippine Stock Exchange this year and sets the offer period from October 13 to 19 and listing on October 26, 2020. About 90% of the proceeds from the offering will be used for expansion, while the remainder would go to general corporate purposes.
Read More: BusinessWorld ;
-Stockbytes PH, July 30, 2020,
*The owner of StockBytes PH is a licensed stock broker, contact us if you want to a open a broker-assisted or online account.
Ready to start your financial journey? email us at s[email protected] or follow us on Facebook and Twitter.