LAGUNA-based Cirtek Holdings Philippines Corp. said it expects some P500 million in revenues from its newly acquired Multipay Corp., a firm that provides e-commerce system to many other firms.
Cirtek Treasurer and CFO Anthony S. Buyawe said the revenue projection will come on stream during its first year since the company acquired Multipay late last month.
“The top line and bottom line will grow as we go along until it reaches a point when we can list the company,” Buyawe said.
Cirtek last month bought a 49-percent stake in Multipay, a local firm engaged in the business of development, promotion and marketing of technology, systems solutions and applications that can be utilized as platform for connectivity, processing and delivery of electronic services.
Multipay is a company that provides systems to entities, such as Bayad Center and Dragon Pay, for about P100 million. Company officials, however, said that Cirtek will have to spend more to expand its system and enhance technological capacity, among others. Doing so involves 16 projects.
David L. Almirol Jr., Multipay’s chairman and CEO, said the company’s system is being used by many payment centers, which he said at the moment is very fragmented in the Philippines.
Multipay at the moment do not have its own brand of payment centers used for e-commerce.
“The planned acquisition is in line with the company’s strategy to expand its business and leverage on its accumulated expertise in technology, particularly in the wireless/broadband transmission business and e-commerce,” Cirtek said in an earlier disclosure.
“The company plans to make meaningful acquisitions designed to gain expertise and access to proprietary software technologies and content, which will improve its capability in creating and providing e-commerce platforms and enterprise solutions that are applicable to various industries, such as financial services, communications and retailing.”