Tanla Solutions acquires Karix Mobile for Rs 340 crore
Tanla Solutions has acquired 100 per cent stake in Karix Mobile for Rs. 340 crore from GSO Capital Partners, a Blackstone Company, informed the company on Monday.
The acquired entity will be paid partly in cash and partly by way of issuing equity shares of Tanla Solutions. This acquisition would help Tanla Solutions become a global leader in business cloud communications. The deal is expected to close by October 2018 and is subject to approval from Tanla’s shareholders and regulators, if any. The company expects cost synergies of around Rs. 15 crore, over the next six quarters of operations from this acquisition.
Karix Mobile is the leading and largest mobile engagement and communication provider which operates from 4 locations in India. Its revenue has grown at 19.37 per cent CAGR over FY16-18. While Tanla is one of the largest cloud communication providers, handling over 90 billion business communications, annually.
On Monday, the stock jumped by 5 per cent at Rs. 40.60 per share on the BSE.