Home > Uncategorized > Altruist Technologies To Acquire A US Based Software Developer

Altruist Technologies To Acquire A US Based Software Developer

     Altruist Technologies is acquiring US based software development company. The acquisition cost is valued at $25 million and is likely to be completed by the next quarter.

This will  be Altruist’s second overseas acquisition. Earlier in July, it acquired US based RelayStrategy LLC, a mobile applications and IT solutions development company, in an all cash transaction.

Intially a voice and web-based VAS provider, Altruist entered mobile marketing, SMS and WAP space after the merger with Mobile2win in 2009. It It was a share swap deal under which the owners of Mobile2win acquired a stake in Altruist and in return owners of Altruist got a stake in Mobile2win.

In 2009, Altruist raised PE funding from Norwest Venture Partners, Nexus India Capital and SVB India Capital Partners Fund. Recently it made an investment in Mobile based VAS retail and gaming starup – Vegam Solutions Pvt Ltd.

Earlier in the day, another Mobile VAS company – IMI Mobile has acquired UK based application developer – Skinkers.

Skinkers develops iPhone, iPad and android applications for companies like American Airlines, BBC, Microsoft, Spectator and Virgin Atlantic.

KVEZAR® VIEW
RECENT TRANSACTIONS IN THE SECTOR
Date Type Buyer Target Size ($mn) State
27/09/11 M&A Altruist Technologies Private Limited Unknown 25.00 Planned
23/09/11 M&A UFO Moviez India Limited Scrabble Entertainment Private Limited 0.00 Completed
22/09/11 IPO / Offerings Shemaroo Entertainment Limited 26.11 Announced
05/09/11 Venture Capital Nadathur Holdings and Investments Private Limited Amagi Media Labs Private Limited 5.68 Completed
PROFILES
Company
Name Promoters Office Competitor Website
Altruist Technologies Private Limited Dheeraj Aggarwal Altruist Technologies Private Limited. Altruist Mount, Behind Hotel Fir hill, Near Tunnel -103, Shimla-171005 Himachal Pradesh. TeleDNA Communications Private Limited
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Categories: Uncategorized
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