FILIPINO-OWNED Gurango Software Corp. is eyeing to raise about $5 million (roughly P235 million) via private placement before the end of the year.

At the sidelines of the Business Processing Association of the Philippines-sponsored forum Thursday, company chief executive Joey A. Gurango told reporters the proceeds will be used to bankroll the planned expansion to China and the Middle East, where it plans to set up offices as well as acquire companies.

The software firm currently has operations in Australia, Singapore, the US and South Africa.

“Within 90 days we expect to complete the private equity [placement],” he said.

After this, Gurango’s next fund-raising activity will be in 2010, when it decides to proceed with the deferred initial public offering.

The company was originally targeting to implement the IPO in the first quarter of 2008 but the volatility in the equities market that eventually resulted in the US financial turmoil prompted Gurango to defer the plan.

Gurango expects to raise P300 million from the public offering. The sale will be managed by BPI Capital Corp.

“The IPO is intended to fund continued research and development of proprietary software solutions as well as the strategic acquisition of firms that have also developed world-class solutions that enhance and complement our portfolio,” said Gurango.

Gurango is a multinational software company that develops and distributes products for the Microsoft Dynamics ecosystem. It operates its global product development and customer service “back-office” in the Philippines, with local sales and support provided by “front-office” subsidiaries in each country.

It was established in 2003 and boasts approximately 400 clients in the Australia, the EU, South Africa, Southeast  Asia, and the United  States. It is the only Philippine-based software development company that distributes its products on a global scale. The company employs 50 employees in the Philippines and 35 abroad.

The software firm expects to end the year with revenues amounting to $3.5 million from $1.5 million in 2007.

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