Xurpas Acquires Quick.ly

Xurpas, the consumer technology firm of Philippines announced on May 18 that it had bought 666,666 shares of American start-up Quick.ly’s preferred shares at $1.50 per share for a total investment of $999,999. Xurpas acquired 4.5 percent stake for almost $1 million in Quick.ly, which represents its first investment outside Asia.

Idealab is the parent company of Quick.ly. It was founded earlier this year in Delaware, U.S. The American start-up is a search engine for mobile devices and aims to provide what the user is looking for more quickly.

“Expansion has always been on the top of the list of company’s priorities. It is the main reason why we decided to raise money through last year’s initial public offering (IPO). The acquisition of new distribution channels and world-class products will help the company to continue this expansion. The company is extremely pleased and honored to be an investor in Quick.ly,” Xurpas CEO and president Nix Nolledo said. The Philippine-based company raised $30.4 million through its initial public offering six months ago.

On the path of expansion

Xurpas’ portfolio of investments has expanded with Quick.ly becoming the fifth company in its list of acquisitions. The local firm’s earlier acquisitions include: Storm Flex Systems, local HR-tech firm, Singapore-based Altitude Games, Singapore-based multi-player games platform MatchMe and PT Sembilan Digital Investama, which is the owner of a mobile content company Ninelives, based out of Indonesia.

The company said it has charted a regional expansion plan by introducing “truly innovative” products and this investment into a company with “cutting edge technology” advances its goal. “We are both proud and humbled to be an investor in Quick.ly,” Nolledo added.

About Xurpas

Xurpas is a technology company for mobile users, which focuses on the production and improvement of digital services and products. Xurpas specializes in mobile commerce, online casual games, peer to peer mobile airtime credit transfers, messaging and social discovery applications,  call/SMS or data bundles.

Xurpas manages four casual game products in the Philippines: Grabagold, PlaySmart, Globe Games with Friends and Run Run Super V. These games are considered the largest casual games community in the Philippines and have over four million active users per month.

Xurpas’s net profit grew by 27 percent from the last year to P59.2 million in the first quarter, as enterprise businesses and mobile consumer boosted revenues. For the first quarter of 2015, revenues rose to 52 percent to P132.23 million, from P86.76 million in the previous year. Xurpas credited the jump in revenues to strong growth in its mobile enterprise and mobile consumer businesses.