October 2, 2020 4:46:40 pm
Route Mobile, a cloud communications service provider, has completed the acquisition of intellectual property and its associated contracts from TeleDNA for over Rs 12 crore.
Route Mobile, which was listed on the BSE last month, said it had entered into a business transfer agreement (BTA) with TeleDNA Communications in June for acquisition of intellectual property and its associated identified customer contracts on a slump sale basis.
“The company (Route Mobile) has subsequently signed an amendment agreement to the BTA on October 1, 2020, and has completed the acquisition,” Route Mobile said in a regulatory filing on Thursday night.
Bengaluru-based TeleDNA specialises in the development of telecom-related solutions like MMSC (Multimedia Messaging Service Center), SMSC (Short Message Service Center) platforms, SMS HUB and SMS firewall.
The filing said the lumpsum purchase consideration for the transaction is Rs 12 crore plus taxes.
“The present acquisition largely constitutes acquisition of the intellectual property and its related customer contracts…no equity shares are purchased,” it added.
One of the group companies of Route Mobile, 365squared Ltd (step-down wholly-owned subsidiary), is an existing customer of TeleDNA, the filing noted.
“After the success of our IPO (initial public offering), we plan to be in line with our vision of inorganic growth. We believe this strategic acquisition will augur really well for Route Mobile group and for 365squared Ltd in particular,” Route Mobile CEO and MD Rajdipkumar Gupta said in a filing on Friday.
He added that the acquisition will enable the company to offer a deeper and comprehensive portfolio of products to telecom operators, and drive a strong momentum.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.