MANILA, Philippines - Listed consumer technology company Xurpas Inc. has acquired a 21.7 percent stake in a Singaporean IT firm specializing in mobile games development and publishing.
The move is part of Xurpas' planned expansion in Southeast Asia.
Xurpas will get 24.7-million shares of Altitude Games, at a par value of US$0.03 per share or a total of $741,000.
Under the deal, Xurpas will have exclusive South East Asian distribution rights to Altitude's games, beginning with the critically acclaimed Run Run Super V which launched 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 CEO of Xurpas.
Altitude Games is seen to contribute to Xurpas' portfolio of mobile content and services, particularly casual games.
Altitude Games is composed of veterans of the Southeast Asian game industry, having worked on games that have been downloaded more than 10 million times worldwide.
Xurpas debuted on the Philippine Stock Exchange earlier this month. The tech company had said it will use proceeds from its initial public offering for the acquisitions in Southeast Asia.