MANILA -- Listed technology conglomerate IPVG Corporation said it has sold its business process outsourcing (BPO) arm, IP BPO Holdings Pte. Ltd., to Hong Kong-based PCCW Teleservices for US$22 million.
Enrique Gonzalez, chief executive officer of IPVG, said it received the second tranche payment of US$11.5 million last Friday following the initial tranche in August 2009.
“We are very pleased with the operating and financial performance of our BPO business which is evident in the strong EBITDA (earnings before interest, taxes depreciation and amortization) registered for the monitoring period. It indicates recovery in the overall economy and positive growth in our sector. The satisfactory conclusion of the second tranche and deal with PCCW is a major milestone for our company,” Gonzalez said.
“Given the strong performance of the business, we are very optimistic of its growth prospects moving forward," he added.
Before the acquisition, the BPO holding company of IPVG held a 70-percent equity interest in US-based Influent.
The Yuchengco-led company currently controls a 30-percent stake in PCCW Philippines, which operates two contact centers in Manila providing services to US companies in the field of IT, consumer electronics and travel. (Virgil Lopez/Sunnex)