IT firm Textron Software Solutions has acquired a small stake in gaming technology provider Philweb Corp. by converting P34.75 million worth of receivables into shares.
Textron—an authorized licensor of a software program called RealTime Gaming, the number one casino software in the Philippines—acquired 7.79 million or 0.4 percent of Philweb’s outstanding shares.
In a statement disclosed by Philweb to the Philippine Stock Exchange on Friday, Textron said it was “proud and excited to invest through different means such as marketing efforts, share purchases and other diverse partnerships with Pagcor (Philippine Amusement Gaming Corp.)-approved technology distributors and Pagcor licensed cafes, such as in the share acquisition in PhilWeb Corp.”
Recently, Philweb received a provisional certificate of accreditation from Pagcor as an electronic gaming system (EGS) service provider. As an accredited EGS service provider, PhilWeb can offer its software and other services to the operators of Pagcor-licensed gaming sites for electronic games.
“We are very enthusiastic in the growth of the cafe-based [gaming] industry and always interested in ongoing and increased partnership with all our licensees,” Textron said. —DORIS DUMLAO-ABADILLA