Route Mobile ends in red despite announcing acquisition of Phonon Communications

Route Mobile Limited, a company engaged in cloud communication platform service, announced this afternoon that it has signed a definitive agreement to acquire Phonon Communications Private Limited, a leading communications automation platform provider.  

The acquiree company-Phono Communications offers a complete suite of conversational AI-driven contact centre solutions with integration on the cloud platforms like AWS, Azure, and Google Cloud. The global CCaaS (contact centre as a service) market is on the rise as enterprises are opting for digital transformation by incorporating artificial intelligence, machine learning, and conversational analytics for enhanced customer engagement. Meanwhile, Phonon’s solutions are used by a number of leading global brands like Citibank, HDFC Bank, Yes Bank, HDFC Life Insurance Co. Ltd, Royal Sundaram General Insurance Co. Ltd, Air Asia (India), GoAir, IndiGo, Vistara, Yatra, ITC Hotels and Sodexo, to name a few.   

The acquisition would enable Route Mobile to leverage Phonon’s supercharged customer experience platform and support brands to deliver personalised experiences across digital touchpoints. The acquisition is also likely to deepen Route Mobile’s CXPaaS (Communications platform as a service) expertise by offering communications automation and contact centre solutions at scale to enterprises globally.  

Despite this announcement, the stock of Route Mobile Ltd ended in red i.e. down by 0.53 per cent, trading at Rs 1,608.80 on BSE.