Affle (India) rose 1.01% to Rs 3,783.90 after the company through its wholly-owned step down subsidiary entered into a definitive Business Transfer Agreement to acquire the Business Assets of Discover Tech.
The company, through its wholly-owned step down subsidiary Affle MEA FZ-LLC (AMEA, a subsidiary of Affle International), has entered into a definitive business transfer agreement to acquire the business assets of Discover Tech, a company registered in Israel. The fixed consideration for business transfer is $1.15 million in cash and a maximum success fee of $3.37 million will be paid over a period of a maximum of four years. The company expects to complete the transaction in 90 days.
As part of the deal, business assets including the technology platform, brand name, intellectual property rights, business relationships and technical information of Discover Tech Limited will be acquired by AMEA.
On the objectives of the acquisition, the company said that the investment was strategic for Affle's consumer platform business.
Discover Tech is an Out of Box Experience (OOBE) technology platform offering a major consumer touchpoint in the mobile device lifecycle for Dynamic app discovery and recommendation at initial boot or reset of the device during its lifetime through its platform integrations with Original Equipment Manufacturers (OEMs) and Mobile Network Operators (MNOs).
The acquisition would fortify Affle's vernacular on-device consumer experiences and strengthens the ecosystem connect with advertisers, OEMs and MNOs across India, global emerging markets in general and Africa in particular.
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Separately, Affle (India) said that its wholly-owned Singaporean subsidiary, Affle International (AINT), had entered into a definitive share purchase agreement to sell its minority investment of 8% in OSLabs, Singapore Pte (Indus OS) to its Promoter Group company Affle Global Pte (AGPL Singapore) for a consideration of $2.86 million in cash.
AINT has also secured an option to purchase the minority investment back from AGPL Singapore at a premium of 5% after one year or 10% after two years subject to any approvals that may be required.
The announcement was made on Tuesday, 26 January 2021, when the stock markets were shut for Republic Day.
Affle (India) is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagements, acquisitions and transactions through relevant mobile advertising.
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