Philippine’s Cirtek Electronics buys US tech firm for $77m
02 Aug 2017 - 0:12
Manila: Philippine electronics manufacturer Cirtek Electronics Corp said yesterday it had bought US technology firm Quintel for $77m.
Cirtek chief financial officer Tony Buyawe said the acquisition of the Silicon Valley-based Quintel Technology, which provides equipment to US telecom giants AT&T and Verizon, would allow his company to sell a wider range of products.
“This is a major acquisition of a company in a leading-edge field,” Buyawe said. He said Cirtek had been the strategic manufacturing partner of Quintel, which designs and makes antennas for wireless cellular networks. With the acquisition, Buyawe said Cirtek could now bundle products and services to customers.
“Our customers don’t have to source items from different companies,” he said. Buyawe said Cirtek, which started as a semiconductor manufacturer and shifted to producing electronic equipment for wireless networks, was moving up the technology value chain with the acquisition of Quintel.
The acquisition was financed through loans with local banks, he said, adding that other tech companies were also in Cirtek’s sights.
“We are looking at one or two major acquisitions in the next one or two years,” he said.
Fuelled by one of Asia’s fastest-growing economies, a host of Filipino companies have in recent years embarked on global expansion plans that analysts say are the biggest ever seen from the Philippines.
In the latest such purchases, Philippine food giant Universal Robina Corp acquired Snack Brands Australia last year. Local instant noodle firm Monde Nissin bought British meat substitute manufacturer Quorn in 2015.