MANILA, Philippines - Holding firm Phinma Corp. is acquiring two firms engaged in outsourcing and consulting for a total consideration of more than P420 million.

In a disclosure to the stock exchange, Phinma said its executive committee has approved the purchase of 85% of Fuld & Company Inc. for $7.99 million (P347 million), and 100% of Business Back Office Inc. (BBI) for P78 million, including new shares worth P52 million.

Fuld is a research and consulting firm focusing on business and competitive intelligence. It has offices in the US, UK and China.

BBI, on the other hand, is a Manila-based knowledge process outsourcing firm.

"The acquisition of both firms will provide growth for Phinma Corp. in the higher value business process outsourcing spectrum," Phinma said.

"The twin acquisitions of complimentary businesses will provide outsourcing jobs and build skills in the field of business research and competitive intelligence offering globally competitive products and services through a dedicated knowledge process outsourcing center and research engine in the Philippines," it added.

Phinma, formerly Bacnotan Consolidated Industries Inc., has earmarked P6 billion to fund expansion this year.

Aside from BPO, the company is engaged in manufacturing of galvanized iron sheets, real estate development and investment, and education.