Xurpas informed the stock exchange that it bought the majority stake in Seer at $399,000 (P18 million) and an earn out amount corresponding to a fixed percentage of Seer’s net income after tax for the years 2015 to 2017.
Seer, which started operating in the Philippines in 2013, offers software consultancy, design, development, and managed services focused on mobile, cloud, and data technologies.
It is also an Amazon Web Services managed partner.
Xurpas CEO Nix Nolledo said the acquisition of Seer enhances their ability to provide mobile solutions for enterprise clients.
“As consumers move from being web to mobile-centric, corporations will need to have a strong presence on phones, tablets and other devices,” Nolledo said. “For years, Seer has been a leader in the mobile platform development space, and is perfectly positioned to serve this rapidly growing industry.”
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Empowered mostly by software engineers, Seer has around 50 employees and growing. Its clients are from the telecommunications, banking, real estate, oil and gas, hospitality, media, and retail sectors.
Seer is now the sixth company that Xurpas has invested in since its IPO (initial public offering) debut seven months ago at the Philippine Stock Exchange, where it raised $30.4 million. Xurpas is the first listed startup in the Philippines.