Philippines' Xurpas buys VC-backed mobile ad firm

Founded in 2011, Art of Click provides mobile marketing solutions for brands and advertising agencies operating in Asian markets such as South Korea, Japan and Hong Kong, as well as in the US and Europe. The company made a net profit of S$2.3 million ($1.67 million) on revenue of S$15.4 million last year.

Wavemaker was the sole institutional investor in Art of Click's seed round, contributing approximately $500,000 in 2013. As part of the agreement, the VC firm will receive $5.65 million in Xurpas shares across four tranches, in addition to receiving $2.58 million in cash over the next three years, according to a filing.

Xurpas went public on the Philippines Stock Exchange in 2014 and has since acquired Singapore game developers Altitude Games and MatchMe, Indonesian mobile content provider 9lives and US mobile search engine Quick.ly. The company said in a statement that the acquisition of Art of Click will help lift its revenues and profits, as well as accelerate the development and expansion of its mobile consumer business.

Wavemaker is a cross-border VC firm headquartered in Los Angeles and Singapore. Part of the DFJ Global Network, it has invested in more than 200 internet, mobile and enterprise technology start-ups since 2003. The firm has made several exits in Asia, including Singapore online cosmetics store Luxola, which was acquired by LVMH, and chat app Pie, which was sold to Google.

In June, Wavemaker took over the venture portfolio of Thailand-based Ardent Capital, following its merger with the GP's VC arm Ardent Ventures.

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• Topics
• Southeast Asia
• Technology
• Trade sale
• Singapore
• Philippines
• TMT
• Exit