India Markets open in 52 mins

Hexaware acquires Mobiquity for $182 mn

Under the cash deal, Hexaware will make an upfront payout of up to $131 million and a deferred consideration of up to $51 million, part of which is contingent on earnouts.

IT consultancy firm Hexaware Technologies on Friday acquired US-based Mobiquity Inc for a total consideration of about $182 million (around Rs 1,260 crore).

Under the cash deal, Hexaware will make an upfront payout of up to $131 million and a deferred consideration of up to
$51 million, part of which is contingent on earnouts, Hexaware said in a regulatory filing. This acquisition would help gain traction in banking and pharma verticals, which are the focus areas for Hexaware, the filing said.

Mobiquity is a digital consultancy that partners with the world s leading brands to design and deliver compelling digital products and services for their customers. It creates digital products for brands like Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka. Mobiquity group revenue was $70 million for the year ended December 31, 2018. This is the largest ever investment by Hexaware and the combined entity aims to directly compete with large digital agencies and consulting firms, Hexaware said in a statement.

R Srikrishna, CEO of Hexaware Technologies, said with this acquisition, Hexaware enters an exciting new phase of growth and capability.