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Xurpas and Active Learning Host its First Code Hackathon

Last November 27, 2020, Xurpas Enterprise Inc. hosted its first-ever CODE HACKATHON event, with 5 teams battling to win the P10,000 cash prize and P3,000 gift certificates sponsored by ActiveLearning Inc., a leading provider of IT and project management training in the Philippines.

CODE HACKATHON was a 2-day virtual activity, where participating teams were asked to submit a working prototype of a solution that would benefit Filipinos today, based on a list of required technology stack. 2 teams ultimately presented their prototypes – Team Bluewind submitted a nationwide centralized monitoring system for Locally Stranded Individuals, while Team Decentralized Gaze presented a gadget lending platform for students struggling to buy laptops or smartphones needed for online classes.

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Team Decentralized Gaze was declared the winner and awarded the P10,000 cash prize. All participants were given ActiveLearning gift certificates, which can be used in any of their online courses.

Xurpas Enterprise Inc. would like to thank the participants and the organizers for making this event a success. Keep tuned in for similar event in the future!


Xurpas Acquires Venture Capital Firm for P170 million

XURPAS, Inc. is acquiring a Los Angeles-based venture capital firm Wavemaker Partners US, which at the same time will get a 48% stake in the listed Philippine company.

“The board of directors of Xurpas Inc. approved the purchase of 100% equity interest in Wavemaker Partners US, a venture capital management firm based in Los Angeles with approximately $210 million of assets under management at a purchase price of approximately P170 million,” the company told the stock exchange on Wednesday.

Wavemaker US is a 17-year-old technology fund with a focus on high impact tech areas such as enterprise software, data and intelligence platforms and other technology-enabled companies in digital media and consumer.

“This acquisition brings forward our vision of expanding Xurpas’ technology mandate and gives our shareholders access to promising venture-backed early-stage companies in the US and globally…Through Wavemaker US, Xurpas shareholders can now participate in the significant potential upside from investments in the early-stage technology space,” Xurpas Chairman Nico Jose S. Nolledo said in a statement.

For his part, Wavemaker US founder Eric Manlunas said: “Despite our already rapid growth during the last several years, we intend to further grow Wavemaker US’ assets exponentially in the next 5 to 7 years and this partnership with Xurpas will enhance our chances of achieving that. We look forward to leveraging Xurpas’ access to the public markets, creating global scale and delivering outstanding investment returns.”

The two companies are expected to sign a memorandum of agreement immediately and definitive agreements within 120 days.

Also, the general partners of Wavemaker is subscribing to 1.7 billion unissued shares in Xurpas, which translates to a 48% stake in the company.

“The deal is expected to be completed by the first quarter of 2020, pending satisfaction of certain conditions and securing shareholder approvals… The Wavemaker US General Partners will continue to run, operate and control the fund,” the company said.

The deal with Xurpas does not include Wavemaker’s Southeast Asia practice.

Shares in Xurpas added 0.13 points or 13.27% to close at P1.11 apiece on Wednesday. — D.A.Valdez


Originally published on Business World Online