MANILA, Philippines – Filipino Tivoli Systems co-founder Peter Valdes died Thursday morning (September 4) barely six months after he was diagnosed of having pancreatic cancer, his colleagues told INQUIRER.net Friday.

Bernard Yu, President and Chief Executive Officer of Vinta Systems, a company put up by Valdes with several partners, confirmed news of Valdes' death

Valdes co-founded Vinta Systems and was the chairman of the board for sometime. He became part of the who's who of the global information technology industry when his co-partners sold Tivoli Systems to IBM for $743M in 1996.

He eventually decided to invest some of his money in the Philippines, as he hoped to spark software development in the country. He co-founded Vinta Systems in 1998.

Yu said Valdes' condition deteriorated this week, as he fell into a coma Wednesday.

"He went to the United States when he was diagnosed but decided to be treated here. During treatment, he had problems. Tumor was causing problems. Last week, he almost collapsed and doctors found that the cancer has spread," Yu said.

An industrial engineering graduate of the University of the Philippines in 1975, Valdes pursued his graduate studies in the US. He later worked as a software architect with IBM in Austin, Texas, where he met his co-partner Robert Fabbio who later co-founded Tivoli
Systems in 1989 along with Steve Marcie and Todd Smith

Vinta Systems vice chairman Augusto Lagman who is currently in Europe, said he was very sad when he heard about Valdes' death. "His remains will be brought to Angeles today. Unfortunately, I'm still in Europe," Lagman added.

Vinta board member Francisco "Paco" Sandejas was also saddened by the news. "The investors are extremely sad," Sandejas said.

Valdes loves to teach and was among those who signed up first a member of Brain Gain Network, an online network and productivity site hosting the largest database of Filipino technical experts in the country and abroad, earlier reports about him said.