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MyRepublic attracts US$60M investment ahead of future IPO
- 06 June, 2018 06:45
Malcolm Rodrigues (MyRepublic)
Singapore-based internet service provider (ISP) MyRepublic has secured an investment of US$60 million (S$80.1 million) from CLSA Capital Partners and Kamet Capital Partners.
This latest investment brings the telco’s total raised capital to US$150 million, arriving as the business prepares for a future IPO in Hong Kong within the next 18-24 months, which is at least 12 months later than previously indicated.
The investment will be put to use accelerating the development of the telco’s proprietary cloud platform that powers telecommunications services such as customer support, enabling greater flexibility and low end-to-end operation cost.
Just last year the telco deployed Red Hat OpenStack Platform, Red Hat Ceph Storage, and Red Hat CloudForms to move away from a fragmented legacy IT infrastructure that was impeding the company’s growth ambitions.
"This investment is a milestone along our path to a public listing and it is the advice and guidance provided by CLSA Capital Partners that has led us to this point,” said Malcolm Rodrigues, CEO of MyRepublic. "We are excited to have their support and we look forward to continuing our relationship as we work towards taking MyRepublic public."
Attracted by the company’s history of growth and unique business model, CLSA Singapore country head Andrew Hartley remarked, “In MyRepublic we have identified one of the region’s most disruptive technology, media, and telecom companies.
"As the company expands its broadband and mobile platforms across Asia, we believe it is uniquely positioned to take advantage of the digital transformation accelerating the telco sector."
With digital transformation sweeping the region, the telco has identified opportunities to enter new markets beyond traditional telco services, including the energy, insurance and big data sectors.
Furthermore, additional services are planned for the rollout including mobile and TV services in new regional markets.
Founded in 2011, MyRepublic ranks as one of the fastest growing telecom operators across Asia Pacific, with expertise across fixed broadband, business networking solutions and mobile services.
Within the context of business, the provider also offers voice solutions capabilities, backed up by managed services across cloud, firewall and wireless.
Across the region, MyRepublic now operates in Singapore, Indonesia, Australia and New Zealand.