Software firm iRipple selling all assets

MANILA, Philippines - Listed software solutions provider iRipple Inc. is selling off all its assets as it seeks to divest its business interest.

In a disclosure to the local bourse,  iRipple said its board approved the asset sale to a third party in preparation for a planned change in the company’s primary purpose.

The firm said it is now mulling to change its purpose into a holding company.

“This sale would render the corporation incapable of continuing the business or accomplishing the purposes for which it was incorporated. This is in line with the preparations for the contemplated change in primary purpose,” the firm said.

iRipple said the specific terms and manner of the sale are yet to be determined.

The company, however, said the assets involved would include cash and cash equivalents, trade and other receivables, inventories, property and equipment.

“These terms shall be disclosed immediately upon reaching a concrete agreement with the third-party buyer,” iRipple said.

iRipple was incorporated on November 2000 to establish, operate, develop, manage and provide software solution projects and related businesses as well as to engage in trading of computer hardware and software products.

The shell company is behind Barte Merchandise Management Solution, a locally developed software solution designed to support the entire merchandising operations of businesses engaged in the buying and selling of goods.