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An IT firm based in Cebu City will push through with
its plan to sell shares to the public for the first time during the
second half of the year, according to a financier.
In a statement, AO Capital
Partners Ltd. said it closed a $1.5 million investment agreement
with Morph Labs. As lead investor, AO Capital brought in CSK Venture
Capital Co. Ltd., the venture capital arm of Japan-based CSK Group.
“As lead investor, AO Capital
is pleased to report that the pre-IPO round is oversubscribed. While
we were prepared to fund the entire round, we found in CSK-VC, a
strategic co-investor that can provide vast industry knowledge and
deep operating experience to Morph Labs,” Martin Lichauco,
managing director of AO Capital, said.
Founded by Winston Damarillo,
Morph Labs leverages virtual infrastructure and open source
technologies. Damarillo also founded Gluecode Software, a company
that was bought by IBM three years ago and was integrated into its
Websphere application server. He also established LogicBlaze, which
was acquired by Iona last year.
Morph Labs recently launched the
Morph AppSpace, an on-demand Platform as a Service (PaaS) that
provides developers with a complete solution for the deployment,
delivery, and ongoing management of web applications in an
enterprise-quality setting.
The PaaS the company developed
“frees developers and independent software vendors from expensive
and time-consuming system administration and maintenance tasks.”
“Morph Labs has created a
unique solution to a market need in the rapidly expanding SaaS
industry,” noting that SaaS is forecast to generate almost $28
billion in revenue by 2010,” Lichauco said.
--Likha C. Cuevas-Miel
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