Xurpas seals Fluxion acquisition
LISTED technology firm Xurpas, Inc. has acquired the remaining 35% stake it did not own in Fluxion, Inc. in order to consolidate resources for product development.
The board of directors of Xurpas approved the acquisition of the remaining 1,607,800 shares in Fluxion in cash for P27.99 apiece or P45 million in total, the company said in a disclosure to the Philippine Stock Exchange on Tuesday.
Fluxion designs mobile and internet systems. Xurpas acquired a controlling 65% stake in the company in 2005.
Xurpas also received board approval to sell its 67% stake comprising 3,349,996 shares in Xeleb, Inc. to Fluxion, for cash. The shares were priced P1 each or P3.3 million in total.
Xeleb develops, designs, sells and distributes celebrity-branded games and applications. It has produced mobile games featuring Anne Curtis, Isabelle Daza, Kim Atienza, Erwan Heussaff and Sarah Geronimo.
“Xurpas is currently reorganizing both Fluxion and Xeleb with the purpose of consolidating the development resources required for ongoing product development under Xeleb,” the company told the local bourse.
Aside from Fluxion, the listed company directly maintains a 51% stake in Storm Flex Systems, Inc.; 51% in Yondu, Inc.; 49% in PT Sembilan Digital Investama; 31.52% in MatchMe Pte. Ltd.; 70% in Seer Technologies, Inc.; 21.78% in Altitude Games, Pte. Ltd.; 21.17% in Altitude Games, Inc.; 4.22% in Zowdow, Inc. formerly Quick.ly, Inc.; and 23.53% in Micro Benefits Ltd.
In the first six months, Xurpas booked a 15% year on year increase in net profit to P132.5 million following a 136% rise in revenue to P736.1 million.
Income from enterprise services rose 1,113% to P308.9 million, as Xurpas realized the full impact of its acquisition of Yondu. The mobile consumer services segment, meanwhile, generated P397 million, up 63%.
Xurpas continues to “aggressively” expand the enterprise business while it introduces more games and products to the market, its Chief Operating Officer Raymond Gerard S. Racaza noted earlier.
Xurpas closed down 14 centavos or 0.87% at P16 on Tuesday.