Motilal Oswal
    NIFTY 50
Motilal Oswal
Information Technology

Hexaware buys US-based Mobiquity for $182 million

Updated : June 14, 2019 09:01 AM IST

Hexaware Technologies on Friday announced the acquisition of Mobiquity for a total consideration of about $182 million.

The Mumbai-based technology firm had articulated its acquisition strategy. They had said in the previous conference call that they want to spend $250 to $300 million in acquisitions for the next 2-3 years. So, of that, they seemed to have spent a significant portion on this acquisition.

$170 million is little more than 10 percent of Hexaware’s annual revenue of last year. They follow calendar year accounting. So 2018 revenues of Hexaware were about $677 million. Therefore, this is in excess of 10 percent of the last year’s revenues and that said it is quite significant.

The second thing to look at is the kind of growth Mobiquity has showcased. Its revenue in the prior year, the calendar year 2017, was $53 million which jumped to $70 million. So in that sense it’s significant.

US-based Mobiquity makes products for partners including Amazon's AWS and Netherlands-headquartered software company Bankbase.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV