Philippine-based tech solutions company Xurpas has emerged as the most active tech acquirer in Southeast Asia according to a latest report by venture intelligence platform CB Insights.
The report was based on the region’s venture capital landscape, and the macro trends affecting it since 2012. Tech startups in the region have seen increased investor interest over the last few years, and have already raised $5 billion in total funding through July this year — an annual record propelled by select mega rounds.
Xurpas, which provides digital products and services for mobile users and became the first Philippine tech company to IPO in 2014, topped the list with six acquisitions since 2012. Of these, four are based in the Philippines.
In October 2016, it had bought Singaporean mobile ads and marketing firm Art of Click. Other notable purchases include the Philippines-based Yondu, an IT software development startup, for $19.2 million in September 2015.
Coming in second is South Korean unicorn Yello Mobile, which buys mobile startups that can then continue to exist independently. The firm has made five acquisitions in Southeast Asia — two in Indonesia, two in Thailand, and one in Singapore. Four of these companies operate in the ad, sales and marketing industries, including online marketing company Adyim.
Singapore-headquartered digital marketing firm Migme ranks third on the list with four acquisitions in the region. The Australian Securities Exchange-listed firm has bought a range of startups, including Singapore’s LoveByte app for couples and Indonesian media firm Hipwee.
Migme is followed by telecom company Telenor Group, in which the government of Norway holds a 54 per cent stake. Of the telco’s four acquisitions in Southeast Asia, two were in Malaysia, one in Vietnam, and one in Myanmar. All four of its acquisitions have been classified portals, including Myanmar’s OneKyat.
Singaporean P2P marketplace Carousell appears in fifth place with its three acquisitions in the region — Singapore-based auto classifieds marketplace Caarly and Malaysian startups Duriana, a mobile marketplace, and Watch Over Me, a personal safety app that was acqui-hired.
Other active tech acquirers in the region cited by CB Insights include Malaysian digital media group Rev Asia, Singaporean cloud technology company Cloudaron Group, and Singapore’s Lunch Actually, which has bought three dating apps since 2012.