IT services company Hexaware
Technologies Ltd has acquired US-based digital services firm Mobiquity for $182
Million in an all-cash deal. Hexaware is majority owned by private equity firm
Baring Private Equity Asia. As of 31 March, Baring owned 62.59% in Hexaware.
With a presence across three
continents, Mobiquity is one of the largest independent customer experience
consulting firms specializing in creating frictionless multi-channel digital
experiences using cloud technologies. Mobiquity creates digital products for
well-known global brands such as Amazon Web Services, Rabobank, Philips, Wawa,
Backbase and Otsuka.
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 strong demand for
these capabilities and, with this acquisition; we will be able to further
accelerate our contributions to our customers’ business growth. The transaction involves an upfront payment of $131 million and deferred payouts of
$51 million.
Forty-one percent of Hexaware revenue is from BFS (banking
and financial services) but there is not much of banking in that. It’s largely
capital markets and mortgage. We have a little bit of banking, but it is not
core digital banking, which is the most important priority for all banks.
Mobiquity is good at that. They have helped the largest bank in the Philippines
on this front and are working with one of the largest Middle East banks for
their digital banking platform.
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