MANILA, Philippines – Listed consumer technology firm Xurpas Incorporated is investing P900 million ($19.27 million) to acquire a 51% stake in Globe Telecom Incorporated subsidiary Yondu Incorporated.
Yondu develops mobile content, and provides mobile and information technology services.
The investment – according to a joint statement of Xurpas and Globe – “solidifies” their “partnership in the Internet and digital space.”
Xurpas and Globe said they will transform Yondu into a regional arm for digital content distribution and other technology-driven services.
“Over the past few years, we have built the company into a great platform for media and content innovation and it is time to bring our aspirations regional. In keeping with our partnership model, we have chosen to work with Xurpas to make this happen,” Cu added.
Following the company’s successful initial public offering last year, Xurpas has expanded regionally, acquiring and investing in various content and distribution companies to expand its digital footprint across Southeast Asia.
The acquisition of a majority stake in Yondu is said to spur Xurpas’ continued expansion beyond the country.
“Globe Telecom has been our strongest partner in the Philippines and the investment into Yondu strengthens our joint capabilities to bring world-class digital products to the global audience,” Xurpas CEO Nix Nolledo said. – Rappler.com