Keppel group’s M1 has agreed to acquire a stake of up 70% in Glocomp Systems as well as its affiliated companies, Global Computing Solutions (GCS) and GCIS.
All three companies are Malaysia-based digital solutions providers. The remaining 30% stake will remain with Glocomp founders, who will also continue to play active roles as senior management.
They include managing director Joseph Giam and executive directors Alex Liew, Chan Tze Ming and Chan Yue Mun.
M1 will pay a total purchase consideration of up to 111 million ringgit or S$36 million through its Malaysia-based wholly owned subsidiary AsiaPac Technology.
As part of this transaction, GCS and GCIS will be restructured as wholly owned subsidiaries of Glocomp and managed by a unified management team.
Glocomp has been operating for more than 24 years in the industry and is one of the region’s pioneer information and communications technology (ICT) solution providers.
The investment into Glocomp marks M1’s continued expansion of its cloud and managed services business, following the acquisition of AsiaPac Technology in 2018. This transaction is the initial strategic expansion into other regional markets starting with Malaysia.
The Glocomp acquisition is a natural extension of M1’s cloud services business and provides strong synergies with AsiaPac’s hybrid multi-cloud competencies and established partnerships. Glocomp also adds new capabilities and talent resources to M1 with certified competencies in cybersecurity, enterprise systems and multi-cloud infrastructure.
“The addition of Glocomp to our portfolio marks another milestone for M1 as we continue to strengthen our enterprise digital service capabilities while accelerating growth in the region,” said M1 CEO Manjot Singh Mann.
“Importantly, Glocomp’s expertise in the ICT sphere helps M1 to advance Keppel’s Vision 2030 and continuously create value for enterprises through innovative technology and digital solutions,” he said.
Giam, the managing director Glocomp, said transaction will equip the company with the necessary support to expedite growth in the region and strengthen their position in the ICT sector with major global technology partnerships.