Converge Information and Communications Technology solutions (Converge ICT), a Philippine-based pure fiber data network and internet service provider has won the ‘Best New Internet Technology Innovations, Philippines 2021’ title at International Business Magazine, a Dubai-based business magazine publishing company. The award is largely attributed to the company’s new product called, ‘Time of Day’.
Time of Day is a new solution from Converge ICT that allows subscribers to experience double their subscribed bandwidth during their pre-selected most productive time of day. As per recent reports, Converge ICT registered a net income of nearly P5.2 billion at the end of September 2021. This indicated a year-on-year growth of 136 percent amid continued strong growth in its subscriber base and sustained recovery of its business segment led by small and medium enterprises (SMEs). With 280,000 subscribers added in the third quarter, its total subscribers’ count has crossed 1.6 million, reaching more than 9.6 million homes.
In September 2020, Converge started to draw down on its international capacity from the Telstra Indefeasible Right of Use (“IRU”) contract, reducing the need to lease additional international bandwidth capacity. This, together with prudent management of our other international lease agreements, resulted in a reduction of bandwidth and leased line costs from 8.5% of total revenues in 3Q2020 to 3.5% of total revenues in 3Q2021. This cost reduction offset the increase of other cost items such as network materials and supplies used, which grew by 75.5% from 3Q2020 to 3Q2021 due to the ongoing subscriber acquisitions.
Commenting on the new recognition, Converge COO Jesus ‘Boboy’ Romero said, “It has been the focus of Converge to become the market leader in the high-speed fixed broadband market, offering superior and differentiated products, as well as exceptional service at the best price in the market. We will continue to defy the status quo and bring the Philippines on the global map. At the end of the day, our vision is to become a world-class ICT organization and create better experiences for unserved and underserved Filipino communities.”
Ujal Nair, Editor for International Business Magazine said, “The efforts made by Converge ICT Solutions is truly commendable. It is worth noting the commitment made by the tech company to cover approximately 55% of Filipino households by 2023. This award further gains prominence with the fact that Converge ICT has registered a 136% YoY growth in its 9 months of FY2021. Even more impressive is the fact that the internet service provider has a domestic fiber backbone of 90,000 kms, passing through 440 cities.”