PHILIPPINES--Technology company IPVG has now set its sights on acquiring two local business process outsourcing (BPO) firms, following a failed takeover bid of Nasdaq-listed PeopleSupport.
IPVG CEO Enrique Y. Gonzalez said the company had been raising funds by releasing shares and will continue its acquisition roadmap in the outsourcing industry with the two local BPO firms.
"I cannot disclose the [names of the] two BPO firms yet, but we hope to complete the acquisitions by the first half of this year," Gonzalez told reporters Wednesday, at the official launch of I-Play, the joint venture company between IPVG and broadcast giant GMA Network.
He said IPVG, which has its own BPO arm, will invest "anywhere from US$10 million to US$30 million" in the acquisition plans, and added that the two BPO companies are midsize businesses. "By medium-sized, we are looking at no fewer than 1,000 seats and no more than 4,000 seats," Gonzalez said.
IPVG last year made an unsolicited bid to acquire PeopleSupport, which later rebuffed the offer and called the US$355 million all-cash offer "inadequate".
Listed on the Philippine stock exchange, IPVG has been on an aggressive acquisition spree, adding several new technology companies to its portfolio which already encompasses markets such as online games, IT security, BPO and software development.
The company's most recent acquisition is a majority stake in MEGA Mobile, a local mobile technology provider and content developer, in which IPVG pumped 6.4 million pesos (US$158,080). The move signaled the company's foray into the wireless content arena.
Last month, it also purchased U.S. security services provider Prolexic Technologies, for US$10.5 million.
Joel D. Pinaroc is a freelance IT writer based in the Philippines.
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