Xurpas sets up unit to serve corporate clients

Listed consumer technology firm Xurpas Inc. is putting up a new subsidiary that will be focused on providing mobile enterprise solutions to its corporate clients.

In a disclosure to the Philippine Stock Exchange, Xurpas said its board of directors has approved the incorporation of Xurpas Enterprise, Inc.

Xurpas will initially subscribe to almost 5 million shares of stock or 99.99 percent shareholdings in Xurpas Enterprise which will this be be a wholly owed subsidiary.

“Xurpas Enterprise shall leverage the extensive mobile technology expertise across the Corporation and its affiliated companies to help its clients mobile enable their business,” the firm said.

Last December, Xurpas completed the acquisition of a 4.8 percent stake in American startup Quick.ly Inc. for almost $1 million. Quick.ly is reinventing search to get people to what they are looking for more quickly.

Quick.ly was founded in 2015 and is an operating company of Idealab, a creator and operator of technology businesses, based in Pasadena, California.

Xurpas has purchased 666,666 shares of Series A Preferred Stock of Quick. ly at a purchase price of US$1.50 per share for a total investment of US$999,999.00 for a 4.8 percent ownership of Quick.ly on a fullydiluted basis.

Earlier, Xurpas had expressed its intention to aggressively expand throughout Southeast Asia, by introducing truly innovative products.

This most recent investment into a company with unique, cutting edge technology from one of California’s hottest tech hubs furthers this goal.

“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 worldclass products,” said Xurpas president Nix Nolledo.

He added that “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.”