IPVG okays stock purchase deal with MegaMobile

Listed information technology and gaming conglomerate IPVG Corp. said its board of directors has approved the execution of the stock purchase agreement with local mobile applications provider MegaMobile Inc.

Under the share purchase agreement signed last month, IPVG will acquire MegaMobile for P6.4 million.

At the same time, the board approved the issuance of up to 30 million to 38 million shares to employees of IPVG and/or its subsidiaries at a purchase price of approximately 10 percent of current market price.

This was an amendment from the original plan of only 20 million shares.

The acquisition of MegaMobile marks IPVG’s entry into the mobile content and value-added services (VAS) sector. IPVG said this is an extremely exciting space given the Philippines’ 55-million subscriber base and high demand for mobile content.

MegaMobile is a partnership formed by Mobile Interactive and Marketing professionals with a combined experience of over two decades in multimedia and digital design production, full life cycle systems and applications development, marketing and business development.

IPVG intends to infuse additional capital into MegaMobile to strengthen the latter’s content pipeline, marketing programs and infrastructure.

To remain highly competitive in the industry, IPVG continues to expand operations locally and abroad.

The MegaMobile deal, once completed, will be IPVG’s fifth investment in a span of only one year following the acquisition of Globalstride Holdings Inc.’s call center facilities in the Philippines; IP-Converge Pte.Ltd.; Prolexic Technologies Inc. an Internet security provider with operations in the US and Asia, and Interactive Teleservices Corp., (a US-based contact center with facilities in the US, Panama and the Philippines.

IPVG, through its three subsidiaries, is engaged in the IT and communications business in Southeast Asia.