Filipino Software Company Wins P60-M Investment from Two Companies
Filipino IT firm Servio Technologies has secured P60 million in funding from two companies, putting it in a position to scale up its software products and services to more small and medium enterprises across the country.
The investment comes after its appearance on business reality program The Final Pitch.
The two companies who committed to the investment are William Tiu Lim-led Mega Global Corp., makers of the Mega brand of sardines among other food products, and Jadel Holdings Co. Inc., the holding company of D&L Industries owned by the Lao family.
Both companies are investing P60 million in return for 40 percent equity in Servio Technologies.
In The Final Pitch episode where Servio Tech co-founder and head for distribution Bryan Paul Javier made an appearance to pitch to Tiu Lim, who is one of the show’s investor-judges, the initial agreement was for P20 million investment for 50 percent equity in the company.
But during the signing ceremony held in Quezon City on Monday, July 29, Servio Tech CEO Joey Gurango said the agreement changed soon after the show aired and presumably after the involvement of Jadel Holdings.
“We plan to use the investment primarily on three things,” Gurango told Esquire Philippines. “First is on marketing. Second on expanding our solutions partners. And third on looking for more partners on reseller acquisitions.” Gurango explained reseller acquisitions as a business opportunity for individuals to represent Servio Technologis and sell the company’s products and services to end-clients, which are primarily micro, small and medium enterprises (MSMes).
Specializing in innovative and affordable software products, Servio Technologies has three primary offerings: Servio Small Business that sells and supports cloud-based IT solutions to small businesses at a starting fee of P4,950 a month; Servio Enterprise that provides digital business solutions for large businesses, such as ccounting, HR, payroll, and customer service software deployed in the cloud or on-premise with permanent or subscription licenses; and Servio Digital Protection Service, which is a cybersecurity service that assesses vulnerabilities, alerts for potential breaches and assures remedies for damaged digital assets at a starting price of just P250 per month.
During his speech at the signing ceremony, Gurango stressed how important it is to support a wholly Filipino-owned software development company given how many businesses in the Philippines already use software from some of the world’s largest tech companies, including Microsoft, SAP, Oracle, Infor, and Salesforce. He also assured his company’s new partners that supporting Servio Technolgies will also be supporting its commitment to empower and help small businesses.
“We want to be able to grow our business in the next three years and this is a critical investment for us,” Javier said on The Final Pitch. “If we are to be successful in our business, we will also be helping a lot of small businesses in the country.”
“My father’s advocacy has always been to help small businesses,” said Michael Tiu Lim, son of William Tiu Lim and vice president for external affairs of Mega Global. “That’s primarily the reason why my father wanted to invest in Servio Technologies.”