Philippines: Cirtek acquires 49% in payment solutions firm Multipay

Visual from Cirtek's website

Listed technology firm Cirtek Holdings Philippines Corp has concluded the purchase of a 49 percent stake in Multipay Corporation, a provider of back-end and front-end payment solutions, Cirtek told the Philippine Stock Exchange on Thursday.

Cirtek paid an initial Php100 million ($1.96 million) to acquire 441,000 shares or equivalent to 49 percent of the total issued and outstanding capital stock of Multipay. Cirtek is setting aside additional support for Multipay’s future projects and development. The share purchase agreement was signed on Wednesday.

Cirtek Group President and Vice-Chairman Roberto Jaunchito Dispo said the company’s investment in Multipay “signals our entry into the fast-growing ecommerce and fintech space.

The acquisition was in line with the company’s strategy to expand its business and leverage on its accumulated expertise in technology, particularly in the wireless / broadband transmission business and ecommerce, according to Cirtek’s disclosure.

Multipay Corporation is a homegrown corporation engaged in the business of development, promotion, and marketing of technology, systems solutions, and applications that can be utilized as a platform for connectivity, processing, and delivery of electronic services.

It partners with leading payments channels in the Philippines such as Bayad Center, Dragon Pay, and ECPay and provides back-end and integration support to more than 30,000 payment channels worldwide.

Cirtek Holdings is the holding company of Cirtek Electronics Corporation and Cirtek Electronics International Corporation. It is primarily engaged in providing complete manufacturing solutions for value-added, integrated radio frequency, microwave, and millimeter wave technology products.

Last December, Cirtek raised $67 million from its maiden issuance of dollar-denominated preferred securities. Proceeds from the preferred shares offering will be used to partly fund strategic acquisitions, and for debt retirement, capacity expansion, and research and development, the company said.

Cirtek believes its ability to become not only a manufacturing-centered business, but also a technology and software-focused enterprise, will allow it to offer a wider range of products and services to its clients, to continuously enhance its product portfolio, and to expand its market reach, not only to existing customers but to new consumers as well.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.