Xurpas ups stake in Fluxion

MANILA, Philippines – Xurpas Inc., the listed technology company, has acquired full ownership of mobile and internet systems developer Fluxion.

In a disclosure to the Philippine Stock Exchange, Xurpas said its board of directors approved the acquisition of an additional 1.6 million shares  or about 35 percent of Fluxion for P27.99 apiece.

Xurpas sold its Xeleb Inc. shares to Fluxion.

Raymond Racaza, president of Xurpas, said the foregoing transactions allow the company to unite into a single legal entity all its vital product development resources.

Prior to the full acquisition of Fluxion’s shares, Xeleb’s game development was outsourced to the other subsidiaries in the Xurpas Group.

However, with the full acquisition of Fluxion and the subsequent purchase by Fluxion of Xeleb shares, Xurpas can thoroughly concentrate on the development of its celebrity themed products and services.

“The move allows us to focus vital development resources on Xeleb’s next generation celebrity themed products and services,” Racaza said.

Fluxion is a company that is engaged in mobile and internet systems design and the development of programming languages, usability and social media.

Xurpas reported a 15-percent growth in net income in the first half to P132.51 million on the continued growth of its digital products and services.

Minus non-recurring expenses related to Xurpas’s on-going expansion, core net income grew 18 percent to P136.08 million.

Xurpas listed its shares on the Philippine Stock Exchange in December 2014, raising P1.36 billion from its initial public offering.

It specializes in the creation and development of digital products and services for mobile end-users, as well as the creation, development and management of proprietary platforms for mobile operators.