PH conglomerate Sterling Paper buys online firms Openovate,

Visual from Openovate CTO Christian Blanquera's LinkedIn account.

Philippine conglomerate Sterling Paper Group of Companies has acquired, for an undisclosed sum, local internet services company Openovate Labs and its e-commerce business

Openovate’s former CEO and current CTO Christian Blanquera said Sterling now owns 85 per cent of both Manila-based firms.

Sterling is into agri-business, school and office supplies, retail, real estate, call center business, among others.

Established in 2013, Openovate is an interactive firm that does cloud architecture, backend, web, mobile, and desktop developments. Among its notable clients are listed logistics firm LBC, and mobile carriers Globe Telecoms and Smart Communications Inc.

Galleon, meanwhile, is a social shopping website that basically ships products from abroad and customers buy products on its website that are not available in the Philippines.

Blanquera will remain as CTO of Openovate and Galleon, and disclosed plans to put in more money into the companies, initially at $3 million each.

“It was a strategic acquistion to Sterling. We were actually offered by three other companies. We weren’t looking to sell the companies,” Blanquera said. “We had too many clients and we needed to size up.”

He disclosed Galleon alone has lately been receiving P10 million to P15 million in sales per month.

“Every month this year we’ve hit our company records so it’s gonna get even better towards Christmas,” Blanquera said.

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