Philippines-based tech company Xurpas Inc is acquiring a majority stake in Yondu Inc. A wholly-owned subsidiary of Globe Telecom, Yondu is a content developer and provider of mobile value-added services and information technology services.
Under this agreement, Xurpas is investing Php 900 million (US$1.9 million) for a 51% equity stake in Yondu, subject to certain closing conditions.
Xurpas' acquisition of Yondu is part of its strategy to expand its digital footprint across Southeast Asia, targeting to invest mostly in various content and distribution companies. Both Xurpas and Globe expect the deal will transform Yondu into a regional arm for digital content distribution and other technology-driven services.
"Globe is very excited to be partnering with Xurpas in taking Yondu to the next level. Over the past few years, we have built the company into a great platform for media and content innovation and it is time to bring our aspirations regional," said Ernest Cu, Globe President and CEO.
"In keeping with our partnership model, we have chosen to work with Xurpas to make this happen. Their track record in building businesses centered on consumer content will round out the technical and innovative capabilities of Yondu," he added.
Sign up for CIO Asia eNewsletters.