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Friday, March 29, 2024

Xurpas set to invest P900m in Globe unit

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Consumer technology provider Xurpas Inc. is acquiring a majority stake in Yondu Inc., a wholly-owned subsidiary of Globe Telecom.

Globe said it signed an agreement with Xurpas which would invest P900 million for  a 51-percent equity stake in Yondu, subject to certain conditions.

The investment solidifies Globe Telecom’s and Xurpas’ partnership in the Internet and digital space and will transform Yondu into a regional arm for digital content distribution and other technology-driven services.

“Globe is very excited to be partnering with Xurpas in taking Yondu to the next level. 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,”  Globe president and chief executive Ernest Cu said.

“In keeping with our partnership model, we have chosen to work with Xurpas to make this happen. Their track record in building businesses centered on consumer content will round out the technical and innovative capabilities of Yondu,” he said.

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Xurpas, which conducted a highly successful initial public offering in 2014, expanded regionally, acquiring and investing in various content and distribution companies to expand its digital footprint across Southeast Asia.

The acquisition of Yondu spurred Xurpas’ continued expansion beyond the Philippines.

“Globe 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 chief executive Nix Nolledo said.

Xurpas, which was listed in the Philippine Stock Exchange in December 2014, made four strategic acquisitions with total investment of $6.7 million.

These include 21.78-percent interest in Singapore IT company Altitude Games PTE Ltd.; 49 percent of PT Sembilan Digital Investama, owner of the Indonesian mobile content company PT Ninelives Interactive; 51 percent of Storm Flex Systems Inc.; and most recently a 31.52-percent stake in MatchMe Pte. Ltd., a Singapore-based mobile and web tournament games platform.

Xurpas said it would continue to invest in mobile content service segment as the key driver of the business.

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