PLDT buys Rocket Internet for €333m
"The partnership will allow the two companies to jointly develop mobile and online payment technologies and services in emerging markets," a PLDT statement said.
"The strategic partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets," PLDT President Napoleon Nazareno said.
PLDT cited Rocket Internet's experience and intellectual property in mobile payments and remittance platforms, often used by the many Filipinos working abroad to send money back home.
It also cited the Berlin-based Rocket's ability to provide products and services for the 'unbanked, uncarded and unconnected' population in emerging markets.
The investment will entitle PLDT to one seat on Rocket's nine-member supervisory board the statement said, adding that the investment would be sourced from available cash and new debt.
Rocket markets itself as the world's largest Internet platform outside of China and the United States, with a strong presence in Europe, Latin America, Russia, India, Africa and the Middle East.
Source: AFP via I-Net Bridge
Source: I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
