Newly listed mobile content provider Xurpas Inc. has acquired a 21.7-percent stake in Singapore information technology (IT) firm Altitude Games Pte. Ltd. as part of its bid to expand to other markets in Southeast Asia.
In a disclosure to the stock exchange, the company said the transaction involves 24.7 million shares bought at a price of $0.03 per share for a total consideration of $740,800 (P32.97 million) in cash. The deal will be financed from the P1.24 billion proceeds raised from the company’s initial public offering.
The minority shareholding will grant Xurpas exclusive distribution rights in Southeast Asia to Altitude’s games, starting from the critically acclaimed Run Run Super V launched locally this month.
“We are happy to take part in bringing forth world-class content to the rest of the region. We have so much rich and creative content locally and with Xurpas’ reach and expertise in distribution, we plan to harness these and serve as an enabler to get these to a wider market,” said Nico Jose Nolledo, Xurpas president and chief executive officer.
Altitude Games is a Singaporean IT firm engaged in the business of mobile games development and publishing that has cornered 10 million times downloads worldwide in mobile, PC, Mac and console device.
In the first six months of the year, Xurpas more than doubled its net income to P104.8 million from P44.4 million as revenues surged to P189.6 million from P95.3 million in the same period last year.
Xurpas is setting its sights to expand in the Southeast Asian market and is looking to venture to the greater emerging markets over the longer term.
Xurpas is a technology company specializing in the creation and development of digital products and services for mobile end-users, as well as the creation, development and management of proprietary platforms for mobile operators. It has two business segments: gaming and enterprise focused on telecommunications solutions.
It specializes in “casual game communities” wherein prepaid subscribers can gain unlimited access to 15 games that can be played with multiple online subscribers for a minimum of P5.
Notable casual games the company has developed include Globe Games with Friends, Let’s Play Smart, and Grab-A-Gold.