Sterling group acquires two startups developed by Fil-Am
Summary
Sterling Paper Group acquired two Filipino-founded startups, Openovate Labs and Galleon.ph. Openovate Labs provides IT solutions and already serves clients such as LBC, Globe Telecommunications, and Smart Communications. The founder said he will keep helping run both businesses and expects additional investment after the acquisition closes. The deal highlights how startup founders can use strategic acquisitions to secure growth capital and long-term operating support.
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