Xurpas raises stake in US startup Quick.ly


ACTIVE mobile content and game developer Xurpas Inc. has increased its stake in American startup Quick.ly Inc.

In a disclosure to the Philippine Stock Exchange, Xurpas said its shareholdings in Quick.ly were upsized to 4.8 percent on a fully diluted basis from 4.5 percent as disclosed earlier.
In May, the company announced that it would buy 666,666 shares of series A preferred stock of Quick.ly, for $999,999 or $1.50 per share.

The acquisition is in line with the aggressive expansion of Xurpas in Southeast Asia by introducing and distributing innovative products.

“Expansion has always been one of our company’s priorities. And we will continue to do this through the acquisition of new distribution channels and world-class products. It is the main reason why we decided to raise money through last year’s IPO. We are both proud and humbled to be an investor in Quick.ly,” Nico Jose Nolledo, Xurpas president, said in a separate statement.

This is Xurpas’ fifth acquisition since it went public last year. It previously acquired 31.52 percent in Singaporean game developer MatchMe Pte. Ltd. for $1.4 million (P61.6 million), 49 percent in Indonesian IT firm PT Sembilan Digital Investama for $245,000 (P10.9 million), 51 percent controlling stake in employee benefits management firm Storm Flex Systems Inc. for $4.3 million (P202.5 million), and 21.7 percent interest in Singaporean IT firm Altitude Games PTE Ltd. for $741,000 (P34.9 millon).

Xurpas also acquired a 51-percent stake in Globe’ Telecoms Yondu Inc. for P900 million and 70 percent in Seer Technologies Inc. for P18 million.

All the deals mean that Xurpas has secured seven acquisitions worth P1.246 billion of end-September, excluding a financing investment worth $500,000 (P23.3 million) in Singapore-based technology solutions provider Einsights Pte. Ltd. which may be converted to equity.

Xurpas is looking to raise more funds from the capital markets, with its P1.4 billion from last year’s initial public offering already running out.

SB Capital Investment Corp., the underwriter for Xurpas’ IPO, earlier set a P379-million net income guidance this year, but Xurpas is falling short on this target. It grew its net income in the first nine months by 10 percent to P162.38 million from P147.48 million a year earlier.


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