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Mergers & Acquisitions | 26 September 2014

Altruist Technologies Acquires Big Data Firm iConnectiva

by Tilak Devadiga
Altruist Technologies Acquires Big Data Firm iConnectiva
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Mobile social networking solutions provider Altruist Technologies has acquired big data analytics firm Connectiva Analytics and Insights, in a all cash deal.

The deal size is not known however reports peg it to be around INR 370-420 Mn.

The five year old Kolkata based firm provides analytic and insights by going through a vast amount of data to telecom operators across 35 countries in the Middle East, Africa, Europe and Asia. It partners with these mobile operators like Bharti Airtel, Etisalat and Zain to offer solutions for frauds like SIM card cloning, Ponzi schemes, fake lot tery and payment-related frauds.

With the acquisition Altruist seeks to integrate iConnectiva’s offering with its product to service its existing 70 clients including British Telecom, Reliance and Vodafone. Post the deal, iConnectiva’s 100 employees would join Altruist taking the total headcount to 550.

It also runs a voice-based mobile social network and a few other mainstream mobile services for emerging markets, like JobsOnPhone.

This would be Dheeraj Aggarwal led Altruist’s sixth buy and would be the second within a month. Last month it had acquired Singapore based voice-based social media app Bubbly.

Its other buys:

  • 2012 – Acquired Sweden-based Teligent Telecom, supplier of infrastructure solutions and value-added services to telecom carriers, in an all-cash transaction.
  • 2011 - US-based mobile technology firm RelayStrategy LLC; Delhi's Mobisoft Telesolutions, which runs the website Phoneytunes.com; invested seed capital in a Mumbai-based mobile gaming start-up called Vegam.
  • 2009 - Mumbai based Mobile2Win in a share swap transaction.

-ET


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