Philippines: Xurpas buys out Fluxion, consolidating games app firm Xeleb

Visual from the company website.

Xurpas Inc, a listed technology firm in the Philippines, has fully acquired its subsidiary Fluxion Inc and consolidated into it celebrity games app startup Xeleb Inc.

Fluxion is engaged in mobile and internet systems design and development of programming languages, usability and social media. Xeleb is the Philippines first mobile games company focused on the celebrity games opportunity.

Xurpas acquired a 65 per cent controlling stake in Fluxion in 2005, and yesterday bought the remaining 35 per cent of the company’s shares for over $970,000 or P45 million.

At the same time, Xurpas sold to Fluxion its 67 per cent stake in Xeleb for more than P3.3 million, thereby uniting into a single legal entity all its vital product development resources.

Also Read: Xurpas creates first PH celebrity games firm Xeleb

Prior to the full acquisition of Fluxion’s shares, Xeleb’s game development was outsourced to the other subsidiaries in the Xurpas Group.

Xurpas president Raymond Gerard Racaza explained that with the consolidation of the two companies, Xurpas can thoroughly concentrate on the development of its products and services.

“The move allows us to focus vital development resources on Xeleb’s next generation celebrity themed products and services,” Racaza said.

Xurpas specializes in the creation and development of digital products and services for mobile end-users, as well as the creation, development and management of proprietary platforms for mobile operators.

Also Read: Philippines Dealbook: Xurpas raises $53.4m via share placement, RFM closes $6.4m treasury share sale

Since its initial public offering debut on the Philippine Stock Exchange in December 2014, Xurpas has invested in nine companies from different countries in Asia and one in the US.

Xurpas recently reported that its revenues in the first half of 2016 skyrocketed 136 per cent or P736 million compared to the same period last year.

The firm highlighted its enterprise services for the same timeframe, grew 1,113 per cent to P308.87 million, attributing the full effect of the acquisition of Yondu Inc in late 2015.

Also Read: Xurpas buys 23.53% in HK-based Micro Benefits for $10m

Xurpas’ gross profit surged by 75 per cent to P366.98 million from P209.82 million in 2015, while gross margins remained strong at 50 per cent. The company’s net income increased by 15 per cent to P132.51 million for the first half of the year, with net margins at 18 per cent.

Last April 26, Xurpas engaged in an overnight top-up placement, raising P1.2 billion in fresh capital to fund potential future strategic investments and acquisitions.

Xurpas last traded at P15.94 per share.

Also Read:

PH-listed Xurpas invests in Singapore tech firm Einsights

Xurpas buys 51% stake in Globe Telecom’s tech solutions firm Yondu for $19.2m

Xurpas acquires 70% of Seer Technologies

PH co Xurpas acquires Altitude Games for $740k

PH startup Xurpas acquires second tech firm Storm Flex Sys for $4.3m

Xurpas invests $1.4m for 31.5% stake in Singapore’s MatchMe

Xurpas acquires Indonesian tech firm SDI

Xurpas, Holcim ink tech platform deal in PH

PH based Xurpas invests $1m in US tech startup Quick.ly

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.

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.