Mobile consumer technology provider Xurpas has paid $10m for a 23.5% stake in China-based human resources software producer Micro Benefits, DealStreetAsia reported yesterday.
Founded in 2010, Micro Benefits has built a mobile emplyee engagement platform for businesses with Chinese manufacturing facilities, operating in industries like consumer electronics and clothing, through its Micro Benefits Financial Consulting subsidiary.
Xurpas estimates the company’s Company Link employee engagement platform is used by almost 700,000 of its clients’ workers. The firm’s flexible benefits subsidiary, Storm Flex Systems, will make use of MicroBenefits’ platform in China.
Nix Nolledo, CEO fo Xurpas, said: “Combining the platforms of Micro Benefits and Storm Flex Systems creates a more compelling business solution fully intended to optimise their HR technology platforms which they could both offer to their clients.
“This is a strategic move that establishes China as a new and hugely lucrative frontier for our growing enterprise business, while simultaneously allowing us to offer new solutions to companies here in Asia.”
Micro Benefits had previously received an undisclosed amount of funding from investment management firm Peterson Partners in 2013.