To expand its network, Converge will spend PHP 29 billion over the next 18 months

Converge ICT Solutions shared that the company will be spending PHP 29 billion to expand its network nationwide over the next 18 months.

Converge logo

Converge plans to reach 55 percent of Philippine households by 2025

The money will be used to upgrade and roll out its infrastructure nationwide as the company aims to reach 55 percent of Filipino households by 2025. Converge CFO Matthias Vukovich said that the amount raised from its massive initial public offering (IPO) will help the company reach its goal.

This Converge investment will probably help the company provide Filipinos with a high-speed Fiber connection at home.

This is important as the Philippines is one of the biggest internet users in the world but with a low 9 percent of subscriber fiber penetration.

Currently, Converge is one of the fastest-growing pure fixed broadband operators in the Philippines. In the first half of the year, the company delivered 65 percent revenue growth and 51 percent margins on its earnings before interest, taxes, depreciation, and amortization, or EBITDA.

Converge has over 750,000 customers, mostly in Metro Manila.

Via: Rappler

from GIZGUIDE | Your Gadget Coach https://ift.tt/3jDQuzB