Xurpas Invests in Startup Quick.ly

Makati—(PHStocks)—Consumer technology firm Xurpas Inc. (PSE: X) recently announced the acquisition of a stake in American startup Quick.ly  Inc.

Quick.ly is reinventing search to get people to what they are looking for more quickly. Quick.ly was founded in 2015 and is an operating company of Idealab, a creator and operator of technology businesses, based in Pasadena, California.

Xurpas has purchased 666,666 shares of Series A Preferred Stock of Quick.ly at a purchase price of $1.50 per share for a total investment of $999,999.00. Immediately after the closing, Xurpas now holds a 4.8% ownership of Quick.ly on a fully-diluted basis.

Xurpas has previously expressed its intention to aggressively expand throughout Southeast Asia, by introducing truly innovative products. This most recent investment into a company with unique, cutting edge technology from one of California’s hottest tech hubs furthers this goal.

“Expansion has always been one of our company’s priorities. And we will continue to do this through the acquisition of new distribution channels and world-class products. It is the main reason why we decided to raise money through last year’s IPO. We are both proud and humbled to be an investor in Quick.ly,” said Nix Nolledo, CEO and president of Xurpas.

Less than six months after its wildly successful initial public offering last December, Xurpas has acquired a number of companies prior to its deal with the young startup. Quick.ly is the fifth company to join the impressive roster of Xurpas’ investments, which includes Singapore-based Altitude Games, local HR-tech firm Storm Flex Systems, PT Sembilan Digital Investama, owner of Indonesian mobile content company Ninelives, and Singapore-based multiplayer games platform MatchMe. It is also Xurpas’ first investment outside of Asia.

Related Articles:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.