Route Mobile surges 10% on acquisition of email technology biz from Sarv
Shares of Route Mobile surged 10 per cent to Rs 1,947.75 on the BSE in intra-day trade on Friday after the company announced the signing of definitive agreements to acquire the artificial intelligence-driven email communication platform Sendclean from Sarv Webs Private Limited (“Sarv”). The stock had hit a 52-week high of Rs 1,979 on February 17, 2021.
Route Mobile is one of the leading cloud communication platform service providers to enterprises, over-the-top (“OTT”) players mobile network operators. The company’s portfolio comprises solutions in messaging, voice, email, SMS filtering, analytics monetisation. Besides Sendclean, Sarv platform also provides a plethora of cloud telephony related solutions to enterprises.
Route Mobile has acquired (through a slump sale) the core intellectual property (IP) for Sarv’s business email technology platform (transactional promotional email), the team of professionals that built supports the platform, customer contracts, subject to the closing conditions.
The upfront purchase consideration of Rs 26.25 crore shall be paid upon closing of the acquisition, in cash. A deferred consideration of Rs 4 crore shall be paid, on the first anniversary of the closing of the acquisition, in cash, the company said.
Integrating Sarv’s email communication technology with Route Mobile’s CxPaaS (Customer Experience Platform as a Service) platform will deliver unified unparalleled cloud-based digital communication solutions to global enterprise clients, Route Mobile said in a press release.
The acquisition uniquely positions Route Mobile to offer a completely customisable email interaction platform, in addition to A2P SMS, OTT messaging, voice enhanced business messaging solutions for enterprises to strengthen their customer relationships across multiple touchpoints. Additionally, enterprises can gain actionable insights through intelligent automation build simplified communication strategies for their customers at every stage of the service cycle, the company said.
The closing of the transaction is subject to customary condition precedents regulatory approvals, as applicable, is expected to close within the next 30 days.