IPVG to buy 70% of local mobile technology firm

Information technology company IPVG Corp. on Wednesday disclosed that it will be buying 70 percent of mobile technology provider MEGAmobile Inc. for P6.4 million. In a statement sent to the Philippine Stock Exchange, IPVG said it has entered into a stock purchase agreement with the shareholders of MEGAMobile Inc. for the investment. IPVG said it plans to add to the investment by infusing additional capital of an undisclosed amount to strengthen MEGAMobile’s content pipeline, marketing programs and infrastructure. IPVG's investment into MEGAMobile marks our entry into the mobile content and value-added services sector. This is an extremely exciting space given the Philippines' 55 million subscriber base and high demand for mobile content. MEGAMobile gives IPVG an existing platform with strong developmental capabilities," IPVG Corp. chief executive officer Enrique Y. Gonzalez said The company said the acquisition is still subject to legal and financial due diligence on MEGAMobile and for approval by IPVG’s Board of Directors. - GMANews.TV