 "Hexaware buys Mobiquity for $182 mn, to absorb entire employee base")
Hexaware Technologies announced the acquisition of US-based Mobiquity for $182 million, on Friday. The deal entails upfront payment of up to $131 million, and deferred consideration of up to $51 million.
The acquisition will be funded through a mix of internal accruals and external borrowings, the firm said. Mobiquity’s leadership and teams will continue without any changes to the structure. The 650-strong workforce — spread across the US, Amsterdam, and India — will be absorbed by Hexaware.
Mobiquity recorded revenue of $70 million in 2018, recording a three-year compound annual growth rate of 24 per cent.
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