Paxys sells stake in IT firm

MANILA, Philippines - Publicly-held Paxys Inc. has divested its controlling stake in information technology solutions provider Ubaldo-Reindenbach Solutions Inc. (UR Solutions) to its foreign partner.

In a disclosure to the Philippine Stock Exchange (PSE), Paxys corporate information officer Mark David Martinez said the company signed a deed of absolute sale of shares for the transfer of its 63.52-percent stake covering 43,515 common shares in UR Solutions.

Martinez said the shares were transferred to UR Solutions President Patrick Reidenbach for a total consideration of P100,000.

 “As a result of the sale, UR Solutions has ceased from being a subsidiary of Paxys,” he said.

On the other hand, Reidenbach raised its 36.48-percent interest in the company to full control of the company.

UR Solutions was established in 2004 as an information technology solutions provider focused on systems integration and related services such as business process enhancement, project implementation and management, IT consultancy, after sales support and outsourcing services.

Last September, Paxys tied up with Canadian firm Simpro Solutions after successfully liquidating several key assets in Australia.

It would be recalled that Paxys divested all its business process outsourcing assets including Paxys Australia, consisting of SmartSalary Pty Ltd., SmartFleet Management, SeQoya Pty Ltd., PBI Benefit Solutions and Australian Vehicle Consultants in Australia for $A84.9 million last April.

Aside from the new venture, Paxys’ operations include wholly owned medical transcription firm ScopeWorks Asia Inc. and Stellar Global Solutions Philippines, another joint venture with an Australian firm.