LISTED tech firm Xurpas Inc. has acquired the remaining 35 percent stake in Fluxion Inc. for P45 million in a move that is expected to complement Xurpas’ operations in developing content for its celebrity games segment.
In a disclosure to the Philippine Stock Exchange, Xurpas said it acquired 1.607 million shares of Fluxion on Monday for P27.99 per share or P45 million, all paid in cash, making Fluxion a wholly owned subsidiary.
Since 2005, Xurpas had owned a 65 percent stake in Fluxion, which is primarily engaged in mobile and internet systems design and the development of programming languages, usability and social media.
Xurpas said the full ownership of Fluxion will be beneficial in its celebrity game development.
“Xurpas is currently reorganizing both Fluxion and Xeleb Inc., another subsidiary of Xurpas, with the purpose of consolidating the development resources required for ongoing product development under Xeleb,” the disclosure read.
Following the deal, Xurpas will turn over its 67 percent stake in Fluxion to Xeleb for P1 per share or P3.349 million, to help Xeleb in its operations on the development, design, sale and distribution of celebrity-branded games and applications.
Xeleb has produced mobile games featuring Anne Curtis, Isabelle Daza, Kuya Kim Atienza, Erwan Heussaff and Sarah Geronimo.
Raymond Racaza, Xurpas president and xeleb chief executive officer, earlier said the company is set to launch multiple products and services in its mobile consumer segment, particularly in the celebrity games unit Xeleb, which accounts for bulk of the firm’s mobile consumer business growth.
Racaza said the company also sees expansion and further growth in its enterprise business, which primarily assists and supports companies and enterprises in their business processes and digitization needs.