Phinma acquires US-based firm, local KPO

Listed Phinma Corp., formerly Bacnotan Consolidated Industries Inc., on Monday disclosed that it will be acquiring a US-based consulting firm and a local knowledge process outsourcing firm. In a statement to the Philippine Stock Exchange, Phinma said its executive committee approved the purchase of an 85-percent interest in Fuld & Co. Inc. for $7.99 million. The parties are expected to sign the Share Purchase Agreement. Fuld, founded in 1979, is a business research and consulting firm focusing on business and competitive intelligence. Fuld is incorporated in the US, with offices in US, UK and China. Phinma added that the executive committee also gave its go-ahead to the acquisition of a 100-percent interest in Business Back Office Inc. - Global Business Research Support for not more than P26 million and subscription in new shares for P52 million. BBI is a Manila-based KPO firm. "The acquisition of both firms will provide growth for Phinma Corp. in the higher value business process outsourcing spectrum. The twin acquisitions of complimentary businesses will provide outsourcing jobs and build skills in the field of business research and competitive intelligence offering...," the company said. Fuld's operations and management teams in Boston and London will remain in place. "The addition of Manila-based BBI will broaden Fuld & Co.'s expertise, its service capacity, as well as allow for a true-round-the-clock competitive intelligence services to better serve our multinational clients around the world, said Leonard Fuld, Fuld founder. -- CMA/OMG, GMA News