Xurpas Inc. (PSE:X) sold back its 51% shareholdings in Yondu Inc. to Globe (PSE:GLO) for ₱501 million in cash. The resulting transaction means Yondu will once more be a wholly-owned subsidiary of Globe.
Yondu was a leading content developer and provider of mobile value-added services, and information technology services back in 2015 when it was acquired by Xurpas. It has since then evolved to become a top IT solutions company in the Philippines, expanding its product portfolio to provide Managed Services, Software Development and Turnkey Solutions among others.
“Our divestiture of Yondu will provide the company additional liquidity, retires debt, and allows us to focus on high-value, emerging, innovative, and disruptive technologies and platforms impacting both enterprise and consumer commerce," Xurpas President Alexander Corpuz said.
Primeiro Partners acted as Xurpas’ M&A financial advisor.
Established in November 26, 2001, Xurpas Inc. is a consumer technology company in the Philippines. Originally founded as a content provider to telecommunications operators, Xurpas has now expanded its offerings to include mobile applications, enterprise software solutions, digital advertising, HR technology platforms, and blockchain technology. On December 2014, Xurpas was listed in the Philippine Stock Exchange (PSE:X). In 2018, the company became one of the proponents of blockchain technology in the country.
Date: 11 September 2019
Source: Press Release