Cebu-based software developer, Morph Labs Inc. aims to raise an initial capitalization of P65 million to finance its research and development venture here that would provide software as a service in the international market.
Morph Labs, a Web 2.0 technology company, recently signed with AO Capital Partners Limited, to lead the venture financing round. As lead investors, AO Capital has agreed to fund a minimum of P24 million of the private equity round with the option of funding the entire offering.
The company has also invited venture capitalist firms from Japan and United States, Morph Labs announced yesterday.
Morph Labs Inc. www.morphexchange.com is a Philippine-based Web 2.0 technology company focused on providing innovative technologies and applications to support Software as a Service globally.
Headquartered in Cebu, with operations in Manila and Los Angeles California, USA, Morph Labs is poised to become the leading provider of on-demand applications and delivery platforms.
"We see a unique opportunity with Morph Labs because they are poised to impact Software as a Service (SaaS) at an explosive time of the market. The team has developed strategic intellectual property and paired it with a seasoned management team. We are very excited about the long term prospects of Morph Labs," said Martin Lichauco, Managing Director of AO Capital.
Morph Labs aims to become the leading provider of on-demand application delivery platforms, managed services and end-user applications to enable the complete ecosystem of Software as a Service.
The intellectual property of Morph Labs has recently been bolstered with the acquisition of a U.S. based data center and its software assets, the CoRE Network. The SaaS operational support software solution and physical data center provide key components, which are expected to accelerate the timetable for product availability.
"We are very pleased with the strong show of support led by AO Capital. Our team has accomplished what very few companies in Silicon Valley could accomplish in the same timeframe. The team knows that we have to move quickly to take advantage of the rapid growth of Software as a Service and they also want to prove themselves to the world. We are eager to showcase Pinoy-powered SaaS intellectual property that can compete globally," said David Abramowski, Morph Labs' chief executive officer (CEO).
Morph Labs expects to launch a series of product offerings starting February of next year. The company anticipates a comprehensive solution set for both the supply and the demand side of Software as a Service by year-end 2008.
Winston Damarillo, managing partner of Global Gateway Venture Capital and chairman of Morph Labs said that the company is following the same formula that had made past Global Gateway companies, such as Gluecode and LogicBlaze, become successful market segment leaders.
"I believe that there is a very exciting opportunity for our team, entrepreneurs and investors to participate in technology entrepreneurship value creation right here in the Philippines. Our selection of AO Capital was based on long-term investment synergies, cultural alignment with focus on global implementation, and a common background being successful Silicon Valley investors with local presence," Damarillo emphasized.
Its new partner, AO Capital Partners Ltd. is a member-company of the American Orient Capital Partners Group ("AOCP Group"). The AOCP Group provides high value added advisory services for the private placement of debt and equity capital, corporate restructuring, mergers & acquisition, and project finance. Ehda Dago-oc