OnMobile sells speech technology assets to Voicebox for euro 650,000

NEW DELHI: OnMobile SA said that it has entered into an agreement with Voicebox Technologies France for the divestment of certain speech technology assets for a consideration of Euro 650,000 or Rs  4, 71, 612, 70 crore, subject to adjustments, escrows and other conditions. The deal is contingent upon certain unnamed approvals and events.

OnMobile SA, a wholly owned subsidiary of OnMobile Global Limited, develops and provides speech recognition technology to companies in France and internationally.

“ This divestiture is in line with the company’s plan to concentrate its energy and resources on strategic initiatives. The speech recognition technology that OnMobile acquired through Telisma in 2008 has served its business needs well, but is no longer imperative for OnMobile’s new offerings, which are focused on smartphone apps. We expect the transaction to close by January 31st, 2016,” said Florent Stroppa, Managing Director, OnMobile SA.

OnMobile S.A. was formerly known as Telisma, S.A. and changed its name to OnMobile S.A. in June 2011.