Expects to Complete a P65M Private Placement in Anticipation of an IPO
CEBU CITY, PHILIPPINES - December 11, 2007 - Morph Labs, a Web 2.0 technology company, announced today that it has signed with AO Capital Partners Limited to lead a venture financing round worth P65M. As lead investor, AO Capital has agreed to fund a minimum P24M of the private equity round with the option of funding the entire offering. Additional support for the financing round is coming from leading venture capital firms in Japan and the United States. In addition to the current P65M financing, Morph Labs plans to pursue a groundbreaking IPO in the Philippines in the first half of 2008.
"We see a unique opportunity with Morph Labs because they are poised to impact Software as a Service (SaaS) at an explosive time of the market. The team has developed strategic intellectual property and paired it with a seasoned management team. We are very excited about the long term prospects of Morph Labs," says Martin Lichauco, Managing Director of AO Capital.
Morph Labs aims to become the leading provider of on-demand application delivery platforms, managed services and end-user applications to enable the complete ecosystem of Software as a Service. The intellectual property of Morph Labs has recently been bolstered with the acquisition of a U.S. based data center and its software assets, the CoRE Network. The SaaS operational support software solution and physical data center provide key components, which are expected to accelerate the timetable for product availability.
"We are very pleased with the strong show of support led by AO Capital. Our team has accomplished what very few companies in Silicon Valley could accomplish in the same timeframe. The team knows that we have to move quickly to take advantage of the rapid growth of Software as a Service and they also want to prove themselves to the world. We are eager to showcase Pinoy-powered SaaS intellectual property that can compete globally," says David Abramowski, Morph Labs' CEO.
Morph Labs expects to launch a series of product offerings starting February of next year. The company anticipates a comprehensive solution set for both the supply and the demand side of Software as a Service by year-end 2008.
"Morph Labs is following the same formula that had made past Global Gateway companies, such as Gluecode and LogicBlaze, become successful market segment leaders," says Winston Damarillo, Managing Partner of Global Gateway Venture Capital and Chairman of Morph Labs. "I believe that there is a very exciting opportunity for our team, entrepreneurs and investors to participate in technology entrepreneurship value creation right here in the Philippines. Our selection of AO Capital was based on long-term investment synergies, cultural alignment with focus on global implementation, and a common background being successful Silicon Valley investors with local presence."