IPVG bares record revenues

Information technology and gaming conglomerate IPVG Corp. posted a consolidated net income of P33.91 million in the first three months of the year, an increase of more than five-fold from the previous level on the back of record revenues.

Consolidated revenues jumped 430 percent to P827.69 million from P156.17 million a year earlier on robust contributions from the firm’s online gaming and communications units and newly-acquired businesses.  

As a result, earnings before income tax, depreciation and amortization (EBITDA) grew 371 percent.

“This is our ninth consecutive quarter of an all-time high in terms of revenues. This in itself is evidence of the long-term sustainability of our high-growth business model focused on IP-based service industries such as communications, games and BPO. Our financial performance is testimony that IPVG has reached a new stage in its lifecycle and maturity as a business. We have operations in eight countries, top caliber management in each vertical, and our subsidiaries are considered market leaders in their respective niches,” IPVG chief executive officer Enrique Y. Gonzalez said.

Gonzalez said the company expects to sustain its gains for the rest of the year with the integration of new acquisitions. 

In January, IPVG purchased Prolexic Technologies, the leading provider DDoS (Distributed Denial of Service) mitigation for $10.5 million, giving it a global footprint for DDoS mitigation and strong US and European presence.

In the same month, the company formed a 50-50 joint venture firm with GMA New Media Inc., the digital media arm of GMA Network, Inc. to create a new subsidiary called I-Play Inc.

Initially capitalized at P800 million, I-Play will focus on the designing operating and maintaining casual online gaming and casual online gaming-related portals.

IPVG likewise acquired 70 percent of the outstanding capital of MegaMobile Inc., valued at P6.4 million, paving the way for its entry into the mobile services market.

IPVG also bought 70 percent of US-based contact center Influent which has facilities in the US, Panama and the Philippines.  Influent is a leading contact center specializing in banking, financial services and insurance (BFSI) markets in the US with a total of 11 delivery centers with over 1400 seats.

“We are extremely pleased with our operational and financial performance, and we have strategically positioned our company to become a global player. We will continue our pioneering and trailblazing efforts on a regional and global scale. Expect more exciting news throughout 2008 that translate into tangible financial results,” Gonzalez said.

While focused on high-growth technology driven sectors, IPVG generates revenues from the US, Europe and Southeast Asia thereby offering regional and global exposure. This has translated to a sustained growth in the company’s earnings with minimal risk.

To date, IPVG has presence in eight countries – Philippines, Singapore, Hong Kong, Vietnam, India, Panama, United Kingdom and the US.