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BPO firm Paxys to acquire more shares in local IT company


MANILA, Philippines- Contact service provider Paxys Inc. on Monday said it will use internally-generated funds for its acquisition of additional 27,100 shares of local IT company Ubaldo Reidenbach Solutions Inc. for P6.5 million. Paxys earlier told the Philippine Stock Exchange that upon completion of the deal, its stake in URSI will be 52.02 percent. Paxys also added that it has agreed to buy about 7 percent to 11 percent of additional stake in URSI no earlier than December 31, 2008 for about P3.49 million. URSI is engaged in IT, software development, and licensing and consultancy. In additional information relating to the acquisition, Paxys said URSI has strong capability and expertise in the IT industry, specifically in systems integration, software licensing, training and consultancy involving open source software. The company will subscribe for an initial tranche of new shares at a price of P240 per share. - Cheryl Arcibal, GMANews.TV
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