M1 unveiled plans to take a 70 per cent stake in Malaysia-based ICT company Glocomp Systems and two affiliates for MYR111 million ($26.2 million), a move designed to strengthen its enterprise digital service capabilities.
The remaining 30 per cent stake will be held by four Glocomp founders who will continue to play an active management role. The deal is being made through M1’s Malaysia subsidiary AsiaPac Technology and involves the affiliates Global Computing Solutions and GCIS being restructured as subsidiaries of Glocomp.
M1, a subsidiary of congolomerate Keppel, stated the investment positions it to meet growing demand for digital services, highlighting Glocomp’s expertise in computing and information management, IP communications, security and privacy, and automation and analytics,
Manjot Singh Mann, M1 CEO, said Glocomp’s experience in the ICT space will help it advance Keppel’s vision 2030 and continuously create value for enterprises through innovative technology and services.
The operator added the acquisition is a natural extension of its cloud services business and supports AsiaPac’s hybrid multi-cloud competencies and partnerships.
M1 added the investment also continues expansion of its cloud and managed services business and its initial move into other regional markets, starting with Malaysia.
The transaction is expected to be completed by end-June 2022, subject to meeting mutually agreed conditions.