Xurpas acquires 70% stake in Seer
MANILA, Philippines – Consumer technology firm Xurpas Incorporated has acquired a 70% stake in Seer Technologies, Incorporated.
Seer is a software consultancy, design, development, and managed services firm focused on mobile, cloud, and data technologies.
In a statement released Friday, June 26, Xurpas said it acquired the majority stake in Seer for P18 million ($399,051.85) and an earn out amount corresponding to a fixed percentage of Seer’s net income after tax for the years 2015 to 2017.
“The acquisition of Seer enhances our ability to provide mobile solutions for our enterprise clients. As consumers move from being web to mobile-centric, corporations will need to have a strong presence on phones, tablets, and other devices,” said Xurpas chief executive officer Nix Nolledo.
Seer, which started operations in the country in 2003, is developing mobile applications for its clients.
Today, Seer has around 50 employees and growing. Its human resource base is composed primarily of software engineers.
After 11 years of operations, it built a roster of clients from the telecommunications, banking, real estate, oil and gas, hospitality, media, and retail sectors.
Seer is also ISO (International Organization for Standardization) 9001:2008 certified for its delivery of software development services. It is also an Amazon Web Services (AWS) managed partner, making it capable of developing mobile and web back-end solutions anywhere in the world.
In 2014, Seer posted revenues of P70 million ($1.55 million).
Xurpas Incorporated debuted in the local bourse in December 2014 and was the best performing stock on the Philippine Stock Exchange for 2014.
In May, it announced that it invested in American startup Quick.ly for $999,999, an addition to its growing portfolio of investments. (READ: Xurpas invests in US startup Quick.ly) – Rappler.com
$1 = P45.13