Affle (India) Ltd, which is a mobile commerce and marketing solutions provider, has inked definitive concords to wholly acquire Singapore-based company, Appnext Pte. Ltd.
Affle, through its subsidiary business, has decided to primarily buy a 66.67 per cent equity stake in Appnext Singapore for INR 130.17 crore. This embodies the acquisition of the company's technological intellectual property assets, VC Circle reported citing the company's stock-exchange filing.
"India and Southeast Asian regions represented the biggest markets for the company, and that the acquisition would help it strengthen its position there," Elad Natanson, Founder of Appnext, told the cited media agency.
The remaining stake will be bought after Appnext achieves mutually agreed growth targets, the company said in its report.
"The acquisition will help the company solidify leadership position in India and enhance its competitive presence abroad," Anuj Khanna Sohum, Chairman and CEO at Affle, said in an interview with the cited media agency.
Appnext amalgamates its technology with app developer's products and original equipment manufacturer's handsets, thereby, permitting it to offer intelligence on consumer engagement and transactions. It also offers contextual mobile advertising as well as suggestions.
"The platform transforms ads into app recommendations as a service for consumers and thus strengthens our CPCU [cost per converted user], business model, by enabling greater ROI [return on investment] for advertisers," Sohum said in the companys official statement.