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MoMagic buys Spice Mobility's 49% stake in AdGyde

Business Finance

IANS  |  New Delhi 

Data analytics company MoMagic Technologies on Monday announced that it has acquired Spice Mobility's entire 49 per cent stake in AdGyde Solutions.

The acquisition is a part of its long-term strategy of transitioning into a robust digital marketing (mobile) solutions provider with technological edge, in the south-east Asia region, the company said in a statement.

The value of the deal was not disclosed.

"MoMagic is expanding at an aggressive pace in the Digital Ad Tech sector and the integration of AdGyde into MoMagic is part of our strategy to offer not only AI (artificial intelligence) and big data-driven mobile marketing services in the Ad Tech space but also provide the inter-linked solutions sought by brand heads and marketers such as monitoring, reviewing and detecting of fraud traffic and inventory," said Arun Gupta, Founder and CEO, MoMagic Technologies.

AdGyde is a mobile apps analytics platform solution, launched in 2017 as a joint venture between Spice Digital Limited (subsidiary of Spice Mobility) and MoMagic Technologies.

MoMagic will fully absorb AdGyde within its business operations.

"This is in line with Spice reviewing their investment portfolios on an ongoing basis to see fitment to their future businesses and accordingly taken a call to exit," a Spice Mobility spokesperson said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 26 2018. 18:20 IST