MASTER ENTREPRENEUR CATEGORY
Dennis Anthony H. Uy
Founder & CEOConverge ICT Solutions Inc.
Telecommunications & ICT Industry
www.convergeict.com
Information about the Entrepreneur
Being the first to introduce fiber in the Philippines in the mid-1990s Dennis Anthony H. Uy’s Converge should have had the competitive advantage of profits, market share and brand recognition. But the lack of marketing and the undeveloped broadband market made Uy’s advantage a long time coming. In 2020, it finally came when the global pandemic spurred Filipinos’ need for reliable internet connection and Uy came to the fore.The Founder and CEO of Converge, Dennis is a Filipino immigrant from China, having left Fujian shortly after the Cultural Revolution and located in the province of Pampanga. Since his teenage days, he has started businesses in-step with technology, renting Betamax tapes, selling computers, venturing into broadcast communications then finally fibre technology.
Other Interesting Facts about the Entrepreneur
Contrary to most business moguls, Dennis doesn’t believe in taking risks — he found success in a field he’s already deeply knowledgeable in: technology. Like many entrepreneurs, he endured his own share of losses. He attempted to get into the export-import business in agriculture; but given the Philippines’ fragmented agricultural industry and his lack of experience in the field, Dennis lost millions of pesos in the process. Having found his footing in technology a few years later, his hard-earned lesson is, “take the obvious choice and know where you’re good at.”A strong will and a clear vision of what you want to achieve: that’s what led me to where I am today.
Company Achievements and
Role of the Entrepreneur
With Converge gaining traction beginning 2019 and the leadership’s
response to the surge in demand at the height of the COVID-19,
the company posted a 78% increase in net income in 2020, hitting
₱3.388 billion versus the ₱1.9 billion recorded in 2019. Revenues
increased by 71.3% year-on-year to ₱15.65 billion for the year ended
December 31, 2020. Majority of the demand was fuelled by the
residential segment which saw a growth of 96% or from 508,692
subscribers at the end of 2019, to breaching the 1-million mark by
end-2020. According to market statistics, Converge captured 54%
of all net adds to the fixed market broadband in 2020.
Responding to the explosive demand, Uy moved quickly to expand the workforce, doubling the number of installation teams, tripling its customer service personnel, and adding over 400 service vehicles in 2020. With the exponential demand fuelling the steady growth Converge has been experiencing since 2018, Uy pushed through with his long-awaited plans to go public in October 2020. Converge debuted on the Philippine Stock Exchange with the second-biggest initial public offering in the bourse’s history at that time.
With a fresh infusion of capital, Converge began 2020 with the announcement of a $100-million partnership with Keppel Midgard Holdings Pte Ltd, for securing international capacity on the transpacific submarine cable system, the Bifrost. This signals Converge’s commitment to firm up its international network.
Vision, Mission & Future Plans
Dennis Uy’s vision is to bring world-class technology to all Filipinos, a goal underpinning Converge’s plans since its inception. Having witnessed neighbouring countries’ leaps in digital transformation – particularly Singapore and Vietnam – Uy’s dream has been to achieve the same for the Philippines. Converge is implementing a strategic plan to connect unserved areas (such as Visayas and Mindanao) to its backbone while deepening its reach in underserved markets in Metro Manila. To improve accessibility, Converge’s broadband products are being offered at affordable prices to make highspeed internet accessible to more Filipinos. With Converge now completing its domestic fibre backbone and widening its last-mile network, the plan is to complement its broadband service with digital services and content over the digital highway it is building.As the first-mover in the fibre broadband space and the only operator of a pure, end-to-end fibre network, Uy is resolute that the singular focus on fibre is the way to go. Looking at the blue ocean opportunities ahead in fibre broadband, Uy’s advice is simple: “know your strength, and leverage it.”
CAREER HIGHLIGHTS
