Cloud communications company Tanla Solutions on Monday announced to acquire mobile engagement platform Karix Mobile and its wholly-owned subsidiary Unicel from GSO Capital Partners for Rs 340 crore.
With the acquisition of Mumbai-based Karix Mobile -- formerly known as mGage India -- Hyderabad-based Tanla Solutions will become India's leading enterprise Cloud communications company, it said in a statement.
A Blackstone company, GSO will receive a cash payment of Rs 112 crore to be funded from Tanla's internal accruals.
GSO will be issued Rs 125 crore worth of Tanla stock at a price of Rs 56.79 per equity share. Tanla will take over a debt of Rs 103 crore.
"Karix is an ideal strategic fit, furthering our stated objective of adding diverse and high value customer base and business, capable technocrats and incremental financial scale," said Uday Reddy, Tanla Solution's Chairman and Managing Director.
"Our combined entity will unarguably be a Cloud Communications behemoth with innovation led offerings in the Digital space for our partners and clients alike," he added.
Karix Mobile has offices in four Indian cities with over 1,500 enterprise clients globally, with registering revenue of Rs 540.24 Crore in financial year 2018.
With combined revenues of Rs 1,170 Crore in the financial year 2018, Tanla will provide formidable digital transformation strategies to its enterprise clients.
The acquisition is expected to close by October.
"The combined strength of Karix and Tanla will afford our enterprise customers a single source for a comprehensive suite of communications services, and an assurance that their future emerging requirements will be met timely," said Jay Sheth, CEO of Karix.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)