Tuesday, December 4, 2018

CIC Wholly Owned Subsidiary, Cortex Technologies Corporation, Acquires Majority Ownership in Aftersales Technology Startup “Teko.PH.”

Posted By: The Mail Man - Tuesday, December 04, 2018

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Teko is happy to announce it has agreed to be majority acquired by Cortex Technologies Inc., the technology arm of Concepcion Industrial Corporation (CIC). This was a perfect fit, aligning a shared vision to innovate and reinvent aftersales appliance services in the Philippines while empowering Teko to provide even better opportunities for the freelance entrepreneur technician. This will also give Cortex and Teko a significant boost towards achieving CIC’s vision while leveraging its deep expertise, leading brands, and dominance in the appliance industry.

Cortex Technologies Corporation, a wholly owned subsidiary of Concepcion Industrial Corporation focused on technology research and development,  announced the majority acquisition of Teko Solutions Asia Inc., a technology startup formed in 2017 to apply web, mobile, and cloud technology to the appliance service and repair business in the Philippines.

“This acquisition reinforces Cortex’s commitment to explore emerging technology and find ways to leverage it across the CIC’s group of companies, as well as CIC’s focus on building better lives and business,” said Sean Byrne, president & CEO of Cortex. “There’s an obvious synergy between Teko and the aftersales services offered by many of CIC’s consumer brands, such as Carrier, Condura, Midea and Toshiba as our consumers demand convenient aftersales service using mobile and web technology.

Byrne explains further “With Teko.ph’s technology and business model, this venture gives CIC an opportunity to build a nationwide aftersales network creating an appealing employment opportunity for individuals with the right skills, motivation, and entrepreneurial spirit”.

Teko utilizes a proprietary platform for real-time access to service and repairs for home appliances such as air-conditioners, refrigerators, washing machines, and water heaters, using self-employed, qualified and screened entrepreneur technicians – a first in the Philippines.

The Teko platform handles all interaction between the consumer and technician, giving the consumer a seamless and hassle-free way of maintaining their appliances. In a short time, Teko has built up a supply of over 850 certified technicians and covered over 4,000 jobs in the Metro Manila area.

Teko's website is at https://teko.ph/



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