Xurpas acquires S’pore firm

MANILA, Philippines - Mobile content provider Xurpas Inc. has taken the initial step towards its planned expansion in Southeast Asia with the acquisition of a Singaporean IT firm.

In a disclosure to the stock exchange, Xurpas said it acquired a 21.7 percent stake in Altitude Games Pte Ltd., a Singaporean IT company in the business of mobile games development and publishing.

Xurpas will be using a portion of the P1.36 billion it raised from its initial public offering earlier this month to fund the acquisition.

Under the terms of the deal, Xurpas said it would have exclusive Southeast Asian distribution rights to Altitude’s games, beginning with the latter’s critically acclaimed game Run Run Super V launched locally this December.

“We are happy to take part in bringing forth world class content to the rest of the region. We have so much rich and creative content locally and with Xurpas’ reach and expertise in distribution we plan to harness these and serve as an enabler to get these to a wider market,” said Nico Jose Nolledo, president and chief executive officer of Xurpas.

Xurpas said Altitude Games is expected to further contribute to its portfolio of mobile content and services, specifically in the development of gaming applications.