Converge's Dennis Anthony and Maria Grace Uy Break into the Philippines' Exclusive Billionaire Club
Less than one year after Converge ICT Solutions went public, the telco's founder and CEO Dennis Anthony Uy, along with his wife Maria Grace, broke into the exclusive billionaires club in 2021. According to Forbes, the husband-and-wife duo has a shared wealth of $2.8 billion and is positioned at number six on the Philippines’ Richest 50 list.
This is their first time to be included in Forbes’ exclusive list, and they broke into the top 10 on their first go. So who exactly are Dennis Anthony and Maria Grace Uy? Here’s everything you need to know about the Kapampangan couple that is now among the wealthiest (and on their way to being among the most powerful) business couples in the industry.
1| Dennis Anthony Uy is not that Dennis Uy.
Dennis Anthony Uy is not to be confused with Dennis Uy, the Davao-born businessman who heads Dito Telecommunity and Phoenix Petroleum. Dennis Anthony Uy is referred to by the media with his middle name included to avoid confusion.
2| Maria Grace Uy co-founded the company alongside her husband.
While the media often reports on Dennis Anthony Uy’s business moves, his wife Maria Grace Uy deserves just as much praise as she was fundamental in Converge ICT Solutions’ growth. While her husband sits as chairman and CEO of Converge, Maria Grace is the current president, chief resource officer, and executive director of the company.
3| Dennis Anthony Uy was an immigrant.
Way back in his youth, Dennis Anthony Uy immigrated from China to Pampanga to live with his uncle when he was only 11 years old. He didn’t know a word of English or Tagalog, but eventually learned the languages.
4| His interest in technology started young.
He got his start with technology by fixing old refrigerators and freezers for his uncle’s business. He eventually started his first business selling betamax and VHS tapes when he was still a student at Holy Angel University where he studied electrical engineering.
5| Converge is led by an engineer-accountant duo.
Maria Grace is a certified public accountant, while Dennis Anthony graduated with a bachelor’s degree in electrical engineering from Holy Angel University.
6| Converge bagged its big break in only 2019.
It was a $250 million investment from NYC-based private equity firm Warburg Pincus that catapulted Converge into a nationwide telco. The investment was used to expand its user base until Converge was big enough to launch an initial public offering on the Philippine Stock Exchange in late 2020. Their $500 million IPO was one of the biggest in PSE’s history. Converge’s market cap currently stands at $11.9 billion.
7| They are the newest self-made Filipino dollar billionaires.
Dennis Anthony and Maria Grace Uy are the newest additions to the top 10 bracket of the Forbes Philippines rich list. Not only are they now dollar billionaires, they are also self-made. Many Forbes listers, particularly in the Philippines, are members of the second or third generation of their respective family businesses.
8| Dennis Anthony is looking to invest in startups.
Dennis Anthony Uy will be joining the panel of investor-judges of the CNN Philippines show The Final Pitch. The show connects startup founders with investors interested in funding their ideas in return for equity. Uy stated in The Final Pitch press conference that he will investing in his chosen startups from his own pocket.