In 2004, the principal shareholder of Paxys undertook a reverse takeover of the Company by injecting Advanced Contact Solutions, Inc. (“ACS”) in exchange for a controlling stake in the Company. ACS at that time was a major call center in the Philippines. Effectively, Paxys became the first call center firm to be listed on the Philippine Stock Exchange.
In a span of four years thereafter, Paxys made several other investments in the business process outsourcing (BPO) space by means of acquisitions and joint ventures. Due to exigencies of the business, the Company started to divest most of its BPO assets in 2012. Paxys now has only one major operating BPO subsidiary, ScopeWorks Asia, Inc., a Philippine company engaged principally in providing data transcription and back office outsourcing services for the US, Australia and UK markets.
At present, Paxys is in the process of evaluating investment opportunities where it can re-deploy the funds generated from the divestment of its BPO assets.