CEBU-based Morph Labs Inc. is doing a public offering in the second quarter for as much as P576.5 million in gross proceeds to fund global expansion and product development.

In an application with the Securities and Exchange Commission (SEC), it stated plans of selling 99,397,251 new shares to domestic investors at a price range of between P4.50 to P5.80 per share.

From the proceeds, business solutions firm Morph Labs would set aside up to P173.3 million for global expansion scheduled within 18 months; P189.5 million for product development and P178.7 million for working capital requirements over the next two years.

The offering would be managed and underwritten by Asian Alliance Investment Corp.

Morph Labs is focused on providing innovative technologies and applications to support Software as a Service (SaaS) globally. 

Its headquarters is in Cebu, with operations in Manila and Los Angeles, California and Austin, Texas.

Founded by successful serial entrepreneur Winston Damarillo, who currently sits as chairman of the board, Morph Labs has developed a product called Morph Application Platform to provide backend infrastructure for SaaS applications.

SaaS applications, unlike traditional software that is installed on hard disks, are delivered to users over the Internet and licensed for use by customers on a subscription basis.

Based on industry experts’ estimates, SaaS would capture a 23-percent share of the $120-billion US software market by 2010 because it allows users to dramatically reduce IT capital and operating costs, making it particularly attractive to small- and medium-sized businesses.

Last month, Morph Labs finalized a $1.5-million pre-IPO investment by AO Capital Partners Ltd.  and its co-investor, Japan-based CSK Venture Capital Co. Ltd.

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CEBU-based Morph Labs Inc. is doing a public offering in the second quarter for as much as P576.5 million in gross proceeds to fund global expansion and product development.

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Rice traders aren’t too happy right now with the National Food Authority (NFA). You see, NFA is mandated to buy palay at P12 a kilo but, as of last Wednesday, it was already buying palay at P20.20 in Bulacan. To keep their supplies open, this means traders have had to match or exceed NFA’s buying price.