Xurpass pays USD10m for stake in HK-based HR outsourcing firm
Philippine-listed mobile consumer technology provider Xurpas has acquired a 23.53% stake in Hong Kong-based human resources outsourcing company Micro Benefits for USD10m. The purchase gives Xurpas access to populous China and marks the Philippine company’s biggest overseas investment. Micro Benefits’ current roster of clients includes Fortune 500 firms engaged in technology and consumer electronics, athletic footwear and sports equipment and other large companies with manufacturing facilities in China. Xurpas has so far invested USD14m in six offshore technology companies. Micro Benefits began its operations in 2013, focusing on using mobile technology to address the growing problem of worker turnover at large manufacturing facilities in China.
