BENGALURU: In one of the notable startup acquisitions in India, Italian mobile services provider, Ubiquity has acquired a 51% majority stake in Solutions Infini, a Bengaluru-based enterprise communication and cloud telephony services startup. Ubiquity has made this strategic buy to expand its offering and business solutions, including the addition of an innovative voice services platform by expanding its range of services to the enterprise and developer segments. This buy also enables Ubiquity to build and diversify its revenues and expand its international presence beyond Europe, particularly in the emerging markets like India, and at the same time also provide Solutions Infini with an opportunity to scale up in other international markets.
Founded in 2009, Solutions Infini has a cloud-based technology platform which enables enterprises across industries to engage with their customers using mobile messaging, voice communication and e-mail. With a customer base spread across Asia, the company today boasts of a list of more than 5,000 clients which include the likes of Flipkart, Ola, Jabong, Practo, Foodpanda, Bank of Baroda, Federal Bank, Vijaya Bank and Muthoot Finance.
The combination of the two companies will create a global group with offices in 10 locations across Europe, India and the Middle East, with a collective turnover of over $65 million and 180 employees. Ubiquity officials expect this partnership to help generate combined business revenues of over $200 million by 2020.
Commenting on the acquisition, Dario Calogero, founder and CEO of Ubiquity said, “The mobile services industry is growing rapidly in many parts of the world. Increasingly, corporate decisions about professional mobile communications are based on the capability to reach and connect with customer bases across the world through simple and fast technologies. We recognize that network scale, technology, marketing expertise and customer loyalty are keys to a new generation of mobile and location-based digital marketing services. Therefore, we believe Solutions Infini will be an excellent addition to our existing businesses, thanks to its state-of-the-art cloud platform, outstanding management team, and its large customer and partner base.”
Aniketh Jain, co-founder and CEO of Solutions Infini said, “Solutions Infini has an eight-year history of constant success and impressive growth. We have built modern scalable, integrated technology to enable our enterprise customers to have superior customer engagement using mobile communication. Joining Ubiquity will help us accelerate our expansion into new, international markets and also allow us to drive greater value to consumers and help them grow their businesses.”
The deal, which is subject to regulatory approvals, is expected to close in early 2017, following which, Solutions Infini will become a subsidiary of Ubiquity. The startup’s business operations will continue to be led by its two main founders, Aniketh Jain and Ashish Agarwal. The duo will also assume larger global roles at Ubiquity.
InteQuant Advisors acted as exclusive financial advisor and J Sagar Associates served as legal advisor to Solutions Infini, while UniCredit acted as hedging bank and financing advisory, and Khaitan & Co and Legance served as legal advisor to Ubiquity.