Singapore-based M1 Limited and its subsidiary, AsiaPac Technology, have signed an agreement to acquire a 70 per cent majority stake in Malaysia-based Glocomp Systems, a digital solutions provider. The deal is valued at RM111 million. Glocomp’s founders will own the remaining 30 per cent share of the company.
As part of the transaction, Global Computing Solutions (GCS) and GCIS, affiliate businesses of Glocomp Systems, will be restructured as wholly owned subsidiaries of Glocomp and will be managed by a single management team.
The investment in Glocomp is a part of M1’s strategy to expand its cloud and managed services operations into other SEA markets, following its acquisition of AsiaPac Technology in 2018.