Xurpas, a Philippines-listed consumer technology company, announced Wednesday that it has agreed to acquire Los Angeles-based early-stage venture capital firm Wavemaker Partners US for 170 million pesos ($3.3 million).
In a statement, Xurpas said the acquisition will be paid for in cash. As part of the deal, the founder and general partners of Wavemaker US will also subscribe to a total of 1.7 billion Xurpass unissued shares for an approximately 48 per cent stake in the listed technology firm. Xurpas had a market cap of 1.83 billion pesos ($36.13 million) as of market close on Wednesday.
