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.