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November 23, 2020
2 min read
INFORMATION TECHNOLOGY & SOFTWARE
IT and Software garnered USD 44.5 million or 8% of total fundraising deal value since 2018. Most of the activity in this sector relates to telecommunications and business-to-business software development. The largest IT investment in the past three years is a USD 40.7 million minority interest of telecommunications corporation, PLDT, into Multisys Technologies.
The last few years has seen the rise in the number of startups in these sectors. PLDT’s investment into Multisys is a welcome sight of corporates adopting the technologies which startups continue to build. With the country’s tech evolution keeping its momentum, information based products and services are gaining traction in the markets. Many notable startups in these industries are engaged in enterprise services, with the successes of the likes of Kalibrr, Sprout Solutions, Senti, Inteluck and Social Light heralding the entry of new players introducing innovative software solutions for Filipino consumers and businesses.
According to Ken Research Private Limited’s Philippines IT Industry report published in 2019, these industries have displayed tremendous growth due to the increase in foreign direct investments and increasing employment opportunities for Filipinos. Leading trends and developments in the IT-BPO and Software sectors include the emergence of more tech startups, with the BPO sector opening up to Philippine startups, as well as the increased adoption of a virtualized environment and cloud-based data.
The COVID-19 pandemic is also seen as the needed push for the ecosystem to increase digitization efforts. With quarantine restrictions in place, businesses and consumers are more inclined to use online platforms and move away from traditional norms. This has also increased the willingness to adopt digital solutions offered by startups in the IT and SaaS sectors. Digitalization is also seen as a crucial part of the economy’s post-COVID recovery, with the need for enterprise solutions and platforms extending not only to large conglomerates but also to SMEs.
NOTABLE DEALS IN THE PAST 3 YEARS
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