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.
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.
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.
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.