Hexaware Technologies has acquired 100 percent shares of Mobiquity. It has also acquired 100 percent shares of Mobiquity Softech, a wholly-owned subsidiary of Mobiquity.
Mobiquity Group’s revenue was USD 70 million for the year ended 31 December 2018.
The acquisition will help the company gain traction in banking and pharma verticals. It also brings in valued partnerships particularly with AWS and Backbase.
The total consideration for the acquisition is up to USD 182 million. The upfront payout is up to USD 131 million. The deferred consideration is up to USD 51 million, part of which is contingent on earnouts.
Mobiquity creates awesome digital products for some of the most well-known brands in the world, such as Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka.
Skadden, Arps, Slate, Meagher & Flom, Houthoff Cooperatief UA and J Sagar Associates acted as legal advisors to Hexaware. CG Petsky Prunier, part of the Canaccord Genuity Group, served as exclusive financial advisor to Mobiquity.