Newly-listed Xurpas acquires stake in SG’s Altitude Games
MANILA, Philippines – Freshly-listed firm Xurpas, Inc has acquired a 21.7% stake in Altitude Games PTE Ltd of Singapore.
Altitude Games is into mobile games development and publishing.
In a statement, Xurpas said the acquisition is part of the planned expansion in South East Asia, where it will use the proceeds of its initial public offering.
The deal gives Xurpas 24.7-million shares at a par value of $0.03 per piece.
Xurpas will also have exclusive South East Asian distribution rights to Altitude's games, starting with the hit Run Run Super V launched locally this December.
Altitude is also seen to further contribute to Xurpas’ portfolio of mobile content and services, specifically in the development of gaming applications.
Xurpas President and CEO Nico Jose Nolledo said they are very happy to take part in bringing 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,” Nolledo said.
Casual games is considered one of Xurpas’ key growth drivers.
Altitude is composed of veterans in the Southeast Asian game industry, who have worked on games that have been downloaded more than 10 million times worldwide over mobile, PC, Mac, and console device.
Altitude’s founders have over 50 years combined experience and are among the pioneers of mobile and PC game development in the Philippines in the early 2000s.
On the other hand, Xurpas specializes 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.
Xurpas, meanwhile, raised P1.36 billion ($30.55 million*) when it was listed with the Philippine Stock Exchange in December 2.
Net proceeds from the maiden offering will be used for domestic and regional expansion and acquisitions, including general corporate purposes and working capital requirements. – Rappler.com
*$1 = P44.5