HRMall, an affiliate of Ayala-led BPO firm LiveIt Investments Ltd.

bought the Los Angeles-based IQ BackOffice LLC, the conglomerate said without specifying the purchase price.

HRMall, with IQ BackOffice folded in, is now valued at $15 million of which Ayala’s LiveIt holds an 82.5% stake while the management team of the American firm owns a 17.5% stake.

The acquisition will allow HRMall to accelerate its market growth in the United States and Asia, Ayala said.

“HRMall will now be able to provide a complete suite of low-cost, best-in-class human resources, finance and accounting services to the underserved mid-sized enterprise sector in the US and Asia,” Ayala said.

HRMall’s acquisition also expands its clients to include of 30 American companies in the manufacturing and distribution, restaurant, hotel and hospitality, retail, professional services, property management, financial services and other industry sectors.

The entity will operate as HRMall in Asia and IQ BackOffice in the United States and will have centers in Manila, Chennai, Mumbai and Los Angeles.

David Schnitt, IQ BackOffice chief executive, was quoted as saying that the deal brings together complementary services.

“I believe that HRMall’s existing human resources services such as payroll are very complementary to the services we provide to our existing clients in the US, and that the Philippines greatly complements our service delivery capabilities from India and the US,” Mr. Schnitt was quoted as saying in the Ayala statement.

“Furthermore, LiveIt’s investment strategy and philosophy are very much in alignment with our operating philosophy, and its leadership team has the knowledge and experience to help us achieve our growth plans,” Mr. Schnitt said.

Shares in Ayala Corp. closed at P393.40, up 0.36% from its previous close of P393.20 apiece. -- Emilia Narni J. David