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Tanla Acquires Finnish Firm For Rs 80cr
Posted by Pradeep Sadanapalli | June 7, 2008 | 411 views
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Loading ...Hyderabad-based telecommunications software and services company Tanla Solutions has acquired Finland-based on-device payments for mobile applications provider Openbit Oy in an all-cash deal.
The agreed valuation of the total shareholding of Openbit is $18.6 million (approximately Rs 80 crore), of which Tanla is acquiring 85 per cent from the outgoing financial investors.
The remaining stake held by Openbit’s management will be purchased by Tanla in two tranches of five per cent and 10 per cent after the first and second year, respectively. Uday Reddy, chairman and managing director, Tanla Solutions, told mediapersons here that the synergy would expand the company’s mobile payment portfolio beyond operator billing products besides giving access to Openbit’s customers to Tanla’s service delivery platform. At present, around 77 per cent of its revenues comes from aggregation business.
Openbit, which recorded revenues of $15.88 million (Rs 66.69 crore) last year, has billing agreements that allow convenient payment of mobile content with nearly 90 operator networks across 30 countries and with all major credit cards worldwide. Its core product, Licence Manager, is embedded in over 20 million Nokia handsets.
Tanla, listed on the NSE and BSE, clocked a net profit of $40 million (Rs 168 crore) on revenues in excess of $199 million for the financial year ended March 31, 2008.
SOURCES:
Business Standard
Topics: Information Technology, Business News |
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