MANILA, Philippines - Listed holding firm Phinma Corp. is acquiring two outsourcing and consulting firms for more than P420 million.
In a disclosure to the Philippine Stock Exchange, Phinma said its executive committee approved the purchase of 85 percent of Fuld & Co. Inc. for $7.99 million and 100 percent of Business Back Office (BBI) for P78 million, including new shares worth P52 million.
Founded in 1979, Fuld is a research and consulting firm focusing on business and competitive intelligence with offices in the US, UK and China. The firm has served over half the US Fortune 500 and numerous international clients.
BBI, on the other hand, is a Manila-based knowledge process outsourcing firm.
“The acquisition of both firms will provide growth for Phinma in the higher value business process outsourcing spectrum,” Phinma said.
Phinma said the twin acquisitions would provide outsourcing jobs and build skills in the field of business research and competitive intelligence, offering globally competitive products and services through a dedicated knowledge process outsourcing center and research engine in the Philippines.
“Fuld & Co.’s operations and management teams in Boston and London will remain in place, continuing to deliver customized research and analysis, strategic gaming, and competitive intelligence process consulting services, with additional support and global reach through BBI, “ said Phinma.