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Last Updated : Jun 14, 2019 09:57 AM IST | Source: Moneycontrol.com

Hexaware Tech gains 3% on acquisition of Mobiquity Inc

Mobiquity group revenue was $70 million for the year ended December 31, 2018.

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Hexaware Technologies shares gained nearly 3 percent intraday on June 14 after the company acquired US firm Mobiquity Inc for more offerings in cloud and automation segments.

"We acquired Mobiquity Inc for a total consideration of around $182 million, to directly compete with large digital agencies and consulting firms," the Indian IT firm said in its BSE filing.

The company further said it would pay upfront up to $131 million and rest through deferred consideration up to $51 million, part of which is contingent on earnouts.

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Mobiquity having headquartered in the US and a global presence across 3 continents, creates digital products for some of the most well-known brands in the world, such as Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Mobiquity specialises in creating frictionless multi-channel digital experiences using cloud technologies.

"Mobiquity strengthens two of our key strategic offerings: Cloudify Everything and Customer Experience Transformation. We are seeing a strong demand for these capabilities and, with this acquisition, we will be able to further accelerate our contributions to our customers' business growth," R Srikrishna, CEO, Hexaware Technologies said.

Mobiquity group revenue was $70 million for the year ended December 31, 2018

At 0930 hrs, the stock was quoting at Rs 353.65, up Rs 7.70, or 2.23 percent on the BSE.

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First Published on Jun 14, 2019 09:57 am
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