Peppermint Innovation Ltd (ASX: PIL) has recently announced its acquisition of two subsidiaries from XPON Technologies Ltd (ASX: XPN), a move that is expected to significantly enhance Peppermint’s operations in the Philippines.
The acquisition of Xpon Digital Limited and Holoscribe Australia Pty Ltd, which will be rebranded as Peppermint Intelligence Limited (PINT) and Peppermint Intelligence Pty Ltd (PIPL), is aligned with Peppermint’s strategy to expand and improve its technology platform and loan book operations in the Philippines.
This strategic acquisition is part of Peppermint’s broader plan to strengthen its position in the Philippines by leveraging the expertise of the newly acquired divisions in AI (Artificial Intelligence) and CX (Customer Experience).
The AI & CX team, consisting of 19 professionals from the United Kingdom, Australia, and Vietnam, brings valuable skills in AI engineering, customer experience design, and product management.
This expertise is particularly relevant for enhancing the user experience and operational efficiencies of Peppermint’s existing platforms in the Philippines.
Chris Kain, the Managing Director and CEO of Peppermint, highlighted the transaction as a crucial step in reinforcing the company’s presence in the Philippines.
By integrating these advanced AI and CX capabilities into their Philippine operations, Peppermint expects to accelerate its growth and innovation in the region, especially in the fields of automated lending and financial services for the underserved.
The acquisition, which involves a nominal payment of one pound (£1), is seen as a strategic fit for Peppermint, bringing immediate additional revenue and operational enhancements without altering the company’s capital structure.
The deal also includes mutual competition restraint clauses and warranties regarding the liabilities of the acquired entities.
The move is poised to significantly benefit Peppermint’s operations in the Philippines by introducing advanced technological capabilities and expertise, which are expected to improve the efficiency and effectiveness of its services in the region.