Software firm iRipple sells assets

MANILA, Philippines - Listed software solutions provider iRipple Inc. has completed its divestment after selling all its assets worth P24 million to management solutions firm Movmento Inc.

In a disclosure to the Philippine Stock Exchange, iRipple said its board approved the sale of substantially all of its operating assets and assignment of liabilities to Movmento.

The listed company said it sold for P23.75 million all its assets, including equipment, furniture and fixtures, motor vehicles to Movmento. It also assigned its rights in its trademarks, copyrights and investment in subsidiaries to the latter.

“The company sold substantially all its assets to Movmento in preparation for a contemplated change in primary purpose of the company,” iRipple said.

“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,” it added.

iRipple’s board of directors approved the sale of all of its assets to a third-party in December last year in preparation for a planned change in primary purpose into a holding company.

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 (MMS), a locally developed software solution designed to support the entire merchandising operations of businesses engaged in the buying and selling of goods.