Hexaware announced on Friday that it has acquired the U.S. based Mobiquity Inc. for the total consideration about US$182 mn. Mobiquity creates digital products for brands such as Otsuka, Amazon Web Services, Backbase, Rabobank, Wawa, and Philips. In the last year of December 2018, the company’s revenue was US$70 mn.
Hexaware said that this is the largest investment made by the company and its combined entity directly aimed with consulting firms and digital agencies.
CEO of Hexaware technologies, R Srikrishna said that with the acquisition with Mobiquity Inc. Hexaware is entering in a new phase of entity and growth. He further said that Mobiquity strengthens two key offerings such as customer experience transformation and cloudify everything. The company is seeing strong demand for these capabilities and with this acquisition, the Hexaware is further accelerating the contributions to the customers’ business growth.
In a regulatory filing, Hexaware said that under the cash deal, the company is making an upfront of up to US$131 mn and a deferred consideration of up to US$51 mn. The filing added that this acquisition would help in gaining traction in pharma and banking sectors that are the main areas for Hexaware.
The company reported its revenues of US$180 mn in the month of January-March 2019 quarter, on the basis of year-on-year (Y-o-Y) growth rate of 10.9%.
Mobiquity CEO, John Castleman said that after joining the hands with Hexaware, it gives us an added scale and it has a broader portfolio to offer a relevant to the client’s digital journey and the opportunity to strengthen the Mobiquity brand.
He further added that the Mobiquity adds global delivery footprint of Hexaware’s with its centers situated in Amsterdam, Florida, Ahmedabad, Boston, New York, Pune, and Philadelphia.