Xurpas

Xurpas Inc. is a consumer technology company. Its headquarters is located in Makati Manila, Philippines. The company focuses on different business activities within the IT industry through its product and service based business.[2][3][4][5]

Xurpas Inc.
TypePublic
ISINPHY9730B1062
IndustryInformation technology
FoundedNovember 26, 2001 (2001-11-26) in Philippines
Founder
HeadquartersAntel 2000 Corporate Center, 121 Valero St. Salcedo Village, Makati City,
Philippines
Area served
Philippines
Key people
  • Jonathan Gerard A. Gurango
    (chairman and CEO)
  • Alexander D. Corpuz
    (director, president, chief finance officer and chief information officer)
RevenueIncrease PHP ₱210.03 Million [1] (2021)
Decrease PHP ₱37.23 Million [1] (2021)
Decrease PHP ₱(26.16) Million [1] (2021)
Total assetsDecrease PHP ₱605.94 Million [1] (2021)
Total equityDecrease PHP ₱(7.91) Million [1] (2021)
Number of employees
  • Increase 63 (2021)
  • 49 (2020)
Websitexurpasgroup.com

History

Xurpas was founded in Philippines in 2001. Its founders are Nico Jose "Nix" Nolledo, Fernando Jude Garcia and Raymond Racaza. The company started with a start up capital of ₱62,500 pesos, they met while working at iAyala Company, Incorporated an internet company arm of Ayala Corporation at that time, they are into programming and like developing programs and apps, they used to work inside an office that looks like a garage, it is the small office of Nix Nolledo's father, the company was bootstrap early on, from 2002 to 2013 the company pivoted their business model and grew their mobile and application based business and services.[6][7][8][9]

2014 - 2018 - First Filipino tech company ever to IPO, company losses and stock price fallout

In 2014 Xurpas has filed for Initial public offering.[10][11][12][13] It is currently listed in the Philippine Stock Exchange.[14][15][16][17][18]

By 2015 Xurpas formed Xeleb Inc. which saw the firm venturing into celebrity based mobile app games the celebrities included are: Anne Curtis, Isabelle Daza, Kim Atienza and Erwan Heussaff as principal shareholders.[19][20][21][22] Xurpas create AldubYou mobile game in 2015 as well riding on the cult like success of the AlDub team of Maine Mendoza and Alden Richards, Xurpas teamed up with Eat Bulaga producer Tape Inc. to launch the mobile game.[23][24][25] On that same year Xurpas acquires 51% stake of Yondu Inc. a subsidiary of Globle Telecom Inc.[26][27] additionally Xurpas buys into Singapore-based gaming firm MatchMe.[28]

In 2015 ahead of 2016 Philippine Election polls Xurpas wants to raise approximately $70 million (₱3.3 billion pesos) from a mix of equity offerings for 2016 to be able to keep up with its regional expansion plan.[29] In early 2016 Xurpas buys 23.53% stake in Hong Kong based Micro Benefits.[30]

The first-ever Filipino tech company to go public Xurpas has a rough 2016 just a year after its IPO as its stock bombed and tumbles.[31] On that same year Xurpas began buying shares to increase its stock value.[32]

By 2017 Xurpas stock continues to tumble after more than two years of its debut in the Philippine Stock Exchange as it's stock price continues to go down as it lost half of its price from its peak as market expectations leveled down and this comes also with a string of acquisitions made by the company that have yet to bear fruit.[33]

Xurpas posted a ₱812 million loss in 2018 signaling that the company woes is far from over, early in the year of 2018 the company announced a management revamp and the engagement of financial adviser. It is disclosed on the Philippine Stock Exchange that it had posted a loss of ₱812 million in 2018. The figure reversing a ₱103 million profit in 2017, included impairment losses and a write-down in one of its overseas subsidiaries.[34]

2019 - Present - Stock trading suspension, backdoor listing, stock trading suspension lifted and company's future uncertain

On January 30, 2019, after just six months Raymond Racaza steps down as Xurpas CEO.[35][36] Xurpas posts ₱71 million loss as its mobile business slows, the company trimmed its losses in the first quarler of 2019 as it boosted its own enterprise business and recorded lower costs and expenses during the three-month period. The company posted a net loss of ₱70.61 million in the January to March period, 6.6% lower than it's attributable net loss of ₱75.63 million in the same period last year.[37] On that same year Xurpas halted the operation of Xeleb Inc. and sells Yondu Inc. back to Globe Telecom.[38]

Xurpas stock trading was suspended in 2020, it also embarks on backdoor listing that same year, The Philippine Stock Exchange will not lift the trading suspension on shares of Xurpas after deciding that its planned ₱170.7 million acquisition of venture capital firm Wavemaker Partners US qualifies, as a backdoor listing.[39][40][41][42] On September 20, 2020, Xurpas gets board nod to acquire US tech venture capital firm Wavemaker.[43] In 2021 a buy in deal that would serve as a gateway for Xurpas to enter the vibrant US tech investing arena and an opportunity to participate in the hunt for unicorns has been halted.[44]

On January 17, 2022, Xurpas stock trading suspension has been lifted, after a 16-month suspension the Philippine Stock Exchange(PSE) will allow the technology firm to resume trading on its bourse after the firm submitted a comprehensive disclosure on its aborted backdoor listing deal with US-based Wavemaker group.[45][46][47] Xurpas plummets on the first day of trading after 16 month suspension.[48] In early 2022, Xurpas raises ₱100 million to expand in "IT Augmentation" business.[49][50][51][52]

IT veteran will take the lead at Xurpas as Nico Jose "Nix" Nolledo stepped down as chairman after establishing the company in 2001 his resignation has taken effect last June 6, 2022, he will be replaced by Joey Gurango as the new chairman and CEO of the listed technology company.[53][54][55]

On December 14, 2022, Xurpas Inc.'s board of directors has given a green light and approved the incorporation of the wholly owned subsidiary under Philippine laws. The subsidiary will be called Xurpas Software Inc., or any other name as may be approved by Philippines Security and Exchange Commission upon filing of the requirements for company registration or incorporation.[56]

In early 2023 Xurpas is planning to establish a subsidiary in Australia, the company stated:

"We intend to establish the Xurpas brand in Australia through a new subsidiary," Xurpas Inc. said. "Xurpas will offer a range of IT (information technology) services through the new subsidiary, ranging from staff augmentation and managed services, to bespoke software development, among others."

In continued that with this decision, the company has the possibility to establish a sales presence in the Australian continent, allowing the company to offer its products and services in a market that is larger than the Philippine market.[57][58][59]

Corporate affairs

Board of directors

As of December, 2021 the board of directors of Xurpas includes:[60]

Subsidiaries

Xurpas lists of updated subsidiaries:[61]

Corporate name Principal activities Functional currency Percentage of ownership
Xeleb Technologies Inc. Enterprise Services and Mobile Consumer Services PHP 100%
Xeleb Inc. Mobile Consumer Services PHP 100%
Seer Technologies, Inc. Enterprise Services PHP 70%
Codesignate Inc. Enterprise Services PHP 52.50%
Storm Technologies, Inc. Human Resource Management PHP 51.31%
Pt Storm Benefits Indoneisa Human Resource Management IDR 51.31%
Allcare Technologies, Inc. Human Resource Management PHP 35.35%
Xurpas Enterprise, Inc. Enterprise Services PHP 100%
Art Of Click Pte. Ltd. Mobile Consumer Services PHP 100%
ODX Pte. Ltd. Enterprise Services PHP 100%

Finances

For the fiscal (and calendar) year 2021, Xurpas reported a net income and or loss of ₱(26.16) million. The annual revenue was ₱210.03 million, an increase of 21% over the previous fiscal year. Below is the lists of revenue, net income, loss and total assets up to the current year period.[62][63][64][65][66]

Year Revenue
(mil. PHP)		 Net income / loss
(mil. & thou. PHP)		 Total assets
(mil. PHP)
2015 921.22 229.62 3394.37
2016 1,969.89 304,893 5,894.60
2017 2, 103.57 102.57 5,810.18
2018 1,242.19 (811.64) 4,966.57
2019 971.96 (2,635,36) 713.94
2020 174.01 (68.82) 617.06
2021 210.03 (26.16) 605.94

Ownership

Lists of Xurpas updated top five largest ownership and statistics of shareholdings.[67]

No Name No. Of Shares Percentage (%)
1 PCD Nominee Corp. 1,404,025,346 68.34
2 PCD Nominee Corp. 293,998,958 14.31
3 Nico Jose S. Nolledo 181,818,192 8.85
4 Raymond Gerard S. Racaza 174,100,010 8.85
5 Nelson Gatmaitan 400,000 0.02

References
  1. "Xurpas Annual Report" (PDF). Xurpas Inc. 2021.
  2. "X.PH | Xurpas Inc. Company Profile & Executives - WSJ". News Corporation & Dow Jones & Company, Inc. Retrieved 2023-02-20.
  3. "X.PS - Company Profile - Reuters". Thomson Reuters Corporation. Retrieved 2023-02-20.
  4. "Xurpas Inc - Company Profile and News". Bloomberg Inc. Retrieved 2023-02-20.
  5. "Our Company | Xurpas". Xurpas Inc. Retrieved 2023-02-20.
  6. "How bootstrapping helped build Xurpas". ABS-CBN Corporation.
  7. "Xurpas Company Information". The Philippine Stock Exchange, Inc. Retrieved 2023-02-20.
  8. "The Boardroom: Xurpas". Warner Bros. Discovery, Inc. & Cable News Network, Inc. Retrieved 2023-02-22.
  9. "Xurpas Inc, X:PHS profile - FT.com". The Financial Times Ltd. & Nikkei, Inc. Retrieved 2023-02-22.
  10. Magazine, adobo (2015-05-12). "Xurpas' Nolledo to share story behind country's first digital IPO at IMMAP 2nd GMM". Sanserif, Inc. Retrieved 2023-02-21.
  11. "Xurpus IPO Offering". Security Bank Corporation.
  12. "Tech in Asia - Connecting Asia's startup ecosystem". Tech In Aaia Pte. Ltd. Retrieved 2023-02-20.
  13. Dumlao, Doris C. (2014-11-15). "‎Xurpas set for P1.36-B IPO". Inquirer Holdings Incorporated. Retrieved 2023-02-20.
  14. "Xurpas Stock Data". The Philippine Stock Exchange, Inc. Retrieved 2023-02-20.
  15. "X | Xurpas Inc. Stock Price & News". News Corporation & Dow Jones & Company, Inc. Retrieved 2023-02-21.
  16. "X.PS - | Stock Price & Latest News | Reuters". Thomson Reuters Corporation. Retrieved 2023-02-21.
  17. "X: Xurpas Inc Stock Price Quote - Philippines - Bloomberg". Bloomberg Inc. Retrieved 2023-02-21.
  18. "X Stock Price | Xurpas Inc. Stock Quote (Philippines: Manila)". MarketWatch, Inc. Retrieved 2023-02-20.
  19. Magazine, adobo (2015-07-15). "Xurpas introduces Xeleb, the first ever celebrity-branded games company". Sanserif, Inc. Retrieved 2023-02-21.
  20. "Xurpas partners with Anne Curtis, other celebs in game dev't firm". GMA Network Inc. Retrieved 2023-02-20.
  21. "Tech in Asia - Connecting Asia's startup ecosystem". Tech In Asia Pte. Ltd. Retrieved 2023-02-20.
  22. "Anne Curtis shareholder in new mobile games firm". Rappler Holdings Corporation. 2015-07-15. Retrieved 2023-02-20.
  23. Dumlao-Abadilla, Doris (2015-12-13). "Xurpas creating 'Aldub' mobile game". Inquirer Holdings Incorporated. Retrieved 2023-02-21.
  24. Gonzales, Iris. "New mobile game app rides the AlDub wave". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  25. Austria, Jenniffer B. (2015-12-13). "Xurpas creates 'AldubYou' mobile game". Philippine Manila Standard Publishing, Inc. Retrieved 2023-02-21.
  26. Dumlao-Abadilla, Doris (2015-09-02). "Xurpas buys 51% of Globe Telecom unit Yondu". Inquirer Holdings Incorporated. Retrieved 2023-02-20.
  27. Marasigan, Lorenz S. (2015-09-02). "Xurpas acquires 51% stake of Globe Telecom's Yondu | Lorenz S. Marasigan". Philippine Business Daily Mirror Publishing, Inc. Retrieved 2023-02-20.
  28. "Tech in Asia - Connecting Asia's startup ecosystem". Tech In Asia Pte. Ltd. Retrieved 2023-02-21.
  29. Times, The Manila (2015-12-03). "Xurpas to raise funds ahead of 2016 polls". The Manila Times Publishing Corp. Retrieved 2023-02-20.
  30. "Xurpas buys 23.53% stake in Hong Kong-based Micro Benefits". GMA Network Inc. Retrieved 2023-02-21.
  31. "Tech in Asia - Connecting Asia's startup ecosystem". Tech In Asia Pte. Ltd. Retrieved 2023-02-20.
  32. Simeon, Louise Maureen. "Xurpas buying back shares". Hastings Holdings, Inc. & MediaQuest Holdings, Inc. Retrieved 2023-02-20.
  33. Nicolas, Jino (2017-08-24). "Why Xurpas stock lost its sizzle". Hastings Holdings Inc. Retrieved 2023-02-20.
  34. Camus, Miguel R. (2019-05-03). "Xurpas posted P812-M loss in 2018". Inquirer Holdings Incorporated. Retrieved 2023-02-20.
  35. "Xurpas taps fin'l advisor as CEO steps down". Manila Bulletin Publishing Corporation. 2019-01-31. Retrieved 2023-02-21.
  36. "Raymond Racaza Steps Down as Xurpas CEO After Just Six Months". Summit Publishing Co. Inc. Retrieved 2023-02-21.
  37. Neil (2019-05-16). "Xurpas posts P71-M loss as mobile business slows". Hastings Holdings Inc. Retrieved 2023-02-20.
  38. "Xurpas halted Xeleb operation, sells Yondu back to Globe for almost half the price". Philippine Business Daily Mirror Publishing, Inc. 2019-09-12. Retrieved 2023-02-20.
  39. Loria, Jake Nasol (2020-09-30). "Xurpas == Ded". A Medium Corporation. Retrieved 2023-02-21.
  40. "Xurpas is Dead". Microsoft Corporation & LinkedIn Corporation. Retrieved 2023-02-21.
  41. Gonzales, Iris. "PSE lays down conditions to lifting of Xurpas suspension". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  42. Neil (2020-10-19). "Xurpas embarks on backdoor listing". Hastings Holdings Inc. Retrieved 2023-02-20.
  43. "Xurpas said its board has finally approved its acquisition of US venture capital management firm". ABS-CBN Corporation.
  44. Inquirer, Philippine Daily (2021-12-24). "BIZ BUZZ: Big brother deal aborted". Inquirer Holdings Incorporated. Retrieved 2023-02-20.
  45. "[Amend-1]X - Lifting of Trading Suspension". The Philippine Stock Exchange, Inc. Retrieved 2023-02-21.
  46. "Stock Commentary: Xurpas suspension to be lifted after 16 months in limbo". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  47. Inquirer, Philippine Daily (2022-01-15). "Xurpas trading suspension lifted 16 months after Wavemaker miscue". Inquirer Holdings Incorporated. Retrieved 2023-02-21.
  48. "Stock Commentary: Xurpas plummets on first day of trading after 15 month suspension". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  49. Inquirer, Philippine Daily (2022-01-22). "No nixing Xurpas: Nolledo comes with fresh P100-M infusion". Inquirer Holdings Incorporated. Retrieved 2023-02-21.
  50. RGEntRibirthFURD (2022-01-21). "Co-founder Nolledo to infuse P100 million into Xurpas". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  51. "Nolledo to inject P100 M into Xurpas". Manila Bulletin Publishing Corporation. 2022-01-21. Retrieved 2023-02-21.
  52. "Stock Commentary: Xurpas raises P100 million from founder to expand "IT Augmentation" business". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  53. Austria, Jenniffer B. (2022-06-03). "Xurpas appoints Gurango as CEO to boost business". Philippine Manila Standard Publishing, Inc. Retrieved 2023-02-21.
  54. "Nix Nolledo Voluntarily Stepping Down". The Philippine Stock Exchange, Inc. Retrieved 2023-02-21.
  55. Gonzales, Iris. "IT veteran takes over Xurpas". MediaQuest Holdings, Inc. Retrieved 2023-02-21.
  56. Salting, Ed Paolo (2022-12-15). "Xurpas oks creation of new subsidiary". The Manila Times Publishing Corp. Retrieved 2023-02-21.
  57. Salting, Ed Paolo (2023-02-11). "Xurpas to establish subsidiary in Australia". The Manila Times Publishing Corp. Retrieved 2023-02-21.
  58. "Xurpas expanding to Australia". Manila Bulletin Publishing Corporation. 2023-02-12. Retrieved 2023-02-21.
  59. "Filipino Company Xurpas Is Opening a Unit in Australia". Summit Publishing Co. Inc. Retrieved 2023-02-21.
  60. "Xurpas Leadership" (PDF). Xurpas Inc.{{cite web}}: CS1 maint: url-status (link)
  61. "List Of Subsidiaries" (PDF). Xurpas Inc.{{cite web}}: CS1 maint: url-status (link)
  62. "Financial Reports". The Philippine Stock Exchange, Inc. Retrieved 2023-02-21.
  63. "X | Xurpas Inc. Annual Income Statement". MarketWatch, Inc. Retrieved 2023-02-21.
  64. "X - Xurpas Inc Financials & Balance Sheets - XPHS | Morningstar". Morningstar, Inc. Retrieved 2023-02-21.
  65. "X.PH | Xurpas Inc. Financial Statements - WSJ". News Corporation & Dow Jones & Company, Inc. Retrieved 2023-02-21.
  66. "Financial Reports | Xurpas". Xurpas Inc. Retrieved 2023-02-21.
  67. "Xurpas Ownership" (PDF). Xurpas Inc.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.