Philippines-based Bacnotan Consolidated Industries Inc. (BCII) is venturing into the country’s ’sunrise’ business process outsourcing (BPO) sector, through acquiring an 80% stake in One Animate Ltd, a Hong Kong company engaged in animation outsourcing services, for a total investment amount of US$6.73 million (P336 million).
One Animate owns 95% of Toon City Animation Inc., a 15-year old Manila-based animation studio whose clients include Walt Disney, Universal Studios, Nickelodeon and Warner Bros Animation. The firm provides 2D, Flash and 3D CGI animation services for various TV, direct to video and theater feature release production. Its portfolio includes the Tom and Jerry TV series, Kim Possible, Mickey Mouse Works and Teamo Supremo.
BCII, a member of the Phinma Group, is a listed holding company with diversified investments in steel, energy, mining, property, financial services and education. Earlier BCII had announced that it was entering the BPO business this year, leveraging on the company’s strengths in managing service enterprises and people, and because “it is an industry with a bright future for the Philippines”.
Philippines integrated media giant ABS-CBN Broadcasting Corp. announced a US$5 million investment in online social networking and blog service Multiply Inc. in exchange for a 5% stake. Under the agreement, ABS-CBN Global has the option to increase its holdings in Multiply to 10% during the two-year period following the initial purchase of shares.
Florida-based Multiply had received $21.6 million investment over three rounds from Point Judith Capital, Trans Cosmos and VantagePoint Venture Partners.
ABS-CBN’s Interactive head said that close to 3 million Filipinos worldwide used Multiply’s services, generating 400 million page views a month. The company’s long-term plans include more Internet advertising and launch of mobile services for site users in the Philippines.
According to Friendster, which claims to be Asia’s most popular online social network and four times bigger in the region than Multiply, there are 30 million Filipinos registered with their site and 24.3 million of them are active Friendster users, logging in at least once every 30 days.
