MANILA - Philippine tech company Xurpas said its board has finally approved its acquisition of US venture capital management firm Wavemaker Partners.
Xurpas first announced plans to purchase the Los Angeles, California-based Wavemaker in November last year.
“On September 20, 2020, Xurpas’ Board of Directors approved the transaction,” the company said.
In a disclosure to the stock market, Xurpas said it will purchase 100 percent of Wavemaker Group Inc for approximately P170 million.
Xurpas said it will be issuing 1.7 billion common shares equivalent to 47.68 percent of the outstanding shares of the company to Wavemaker Partners Group, namely, Frederick Manlunas, Benjamin Paul Bustamante Santos, James Buckly Jordan, Wavemaker Partners V, LP and Wavemaker US Fund Holdings, LLC.
The deal is still subject to the approval of the company’s shareholders and will be taken up in its annual stockholders’ meeting, the company said.
Wavemaker is US technology venture firm that has invested in over 230 technology companies in areas such as Enterprise Software, Data and Intelligence platforms and other technology-enabled companies in Digital Media and Consumer, according to Xurpas.
“This acquisition significantly expands Xurpas’ technology base and gives Filipino shareholders and investors access to an entire portfolio of promising venture-backed early-stage companies in the US,” said Xurpas chairman Nix Nolledo.
The deal is expected to be completed by the fourth quarter of 2020.