Xurpas Inc. has extended $500,000 (P23.3 million) in finance to a Singapore-based technology solutions provider in line with plans to expand across the Southeast Asia.
Xurpas said in a disclosure to the Philippine Stock Exchange that the company has purchased a “convertible promissory note” worth $500,000 from Singapore-based Einsights Pte. Ltd. on Wednesday.
Einsights will use the money for capital expenditures and general corporate purposes.
Under the note purchase agreement, Xurpas will have the option to be paid $500,000 in principal amount with a 3 percent yearly interest, or to convert the note into equity shareholdings in Einsights with a 40 percent discount on the purchase price and be entitled to one board seat.
“Einsights’ unique product is a worthy addition to Xurpas’ offerings to its enterprise clients. The deal also presents attractive investment opportunity with its interest-bearing loan feature convertible into equity at a discount,” Xurpas said.
Einsights is a tech solutions firm which developed unique a business analytics product that enables decisions makers to make smarter decisions faster through the ability to access information and analyze data using industry-specific and knowledge-based system engine that processes queries and provides answers using interactive visualizations that replaces confusing spreadsheets and complex systems.
The company operates in Singapore, Vietnam, Hong Kong, India, Australia, Canada and Switzerland.
This investment comes only days after Xurpas subsidiary Storm Benefits Inc. announced the move to expand in Indonesia was already in place since last month.
Since its stock market debut in November last year, Xurpas made seven acquisitions and has spent P1.246 billion in transactions, excluding the Einsights deal.
The mobile content developer is on track with its P379-million net income guidance set by SB Equities Inc. for this year on the back of its aggressive Southeast Asia expansion. SB Equities is a subsidiary of Security Bank Corp.
Xurpas specializes in creating and developing digital products and services for mobile end-users, as well as create, develop and manage proprietary platforms for mobile operators. It has two business segments: gaming and enterprise, which is focused on telecommunications solutions.
Notable casual games the company has developed included Xeleb’s Anne Galing, Globe Games with Friends, Let’s Play Smart, and Grab-A-Gold.