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Hexaware acquires Mobiquity Inc for $182 mn

Posted On: 2019-06-14 08:29:16

Hexaware Technologies Ltd, one of India's fastest growing IT Consulting firms, today announced the acquisition of Mobiquity Inc for a total consideration of ~ $182 million. Mobiquity creates awesome digital products for some of the most well-known brands in the world, such as Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.

Headquartered in the US, and with a global presence across 3 continents, Mobiquity is one of the largest independent customer experience consulting firms that specializes in creating frictionless multi-channel digital experiences using cloud technologies. They are one of the very few Digital Customer Experience Consulting Partners for AWS and are experts at leveraging some of the most sophisticated capabilities of AWS.

R Srikrishna, CEO, Hexaware Technologies said "Hexaware enters an exciting new phase of growth and capability with the acquisition of Mobiquity Inc. 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. Both Hexaware and Mobiquity have created very strong impact for their clients and have a mutually complementing position. Our combined capabilities will enhance our market positioning and opportunity to make an impact for our clients."

Sandeep Dhar, President, Customer Experience Transformation (CXT) Business, Hexaware Technologies added "Over the years Mobiquity Inc. has established a benchmark in defining omnichannel digital experiences and next-gen user interfaces, such as smart speakers and digital assistants. Their methodology combines consulting, design and deep engineering capabilities that leverage the Cloud. At Hexaware, we have been building capabilities in digital engineering, marketing & content platforms, ecommerce and CRM. Together we will now offer a comprehensive suite of digital solutions enabling superlative customer experiences. Mobiquity Inc.'s leadership and teams will continue without any changes to structure or ways of working."

John Castleman, CEO of Mobiquity Inc. says he is excited about the growth prospects. "Today we start a bold new chapter in Mobiquity's growth story. joining hands with Hexaware gives us added scale, a broader portfolio of offerings that are relevant to our clients' digital journeys, and the opportunity to strengthen the Mobiquity brand."

Mobiquity adds to Hexaware's global delivery footprint with its centers in Florida, Boston, Philadelphia, New York, Amsterdam, Pune and Ahmedabad.

Skadden, Arps, Slate, Meagher & Flom LLP; Houthoff Cooperatief U.A. and J. Sagar Associates acted as the legal advisors to Hexaware.

CG Petsky Prunier, part of the Canaccord Genuity Group, served as the exclusive financial advisor to Mobiquity Inc.

Shares of HEXAWARE TECHNOLOGIES LTD. was last trading in BSE at Rs.347.4 as compared to the previous close of Rs. 346.15. The total number of shares traded during the day was 18074 in over 438 trades.

The stock hit an intraday high of Rs. 349.3 and intraday low of 343.25. The net turnover during the day was Rs. 6254845.


Source: Equity Bulls

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