Chandigarh-based Altruist Technologies Pvt Ltd, a VAS (value-added services) provider to various telecom players like Airtel, Tata Teleservices and Aircel, is looking to acquire a US-based software development company. The acquisition cost is valued at $25 million and is likely to be completed by the next quarter. This would be the company’s second acquisition.
Speaking to Business Standard, Altruist Technologies director, Anuj Aggarwal said, “We intend to grow organically and inorganically. In this direction, we are planning to acquire a US-based company which is into software development. The acquisition valued at $25 million and likely to be completed in next quarter.”
Earlier, it had acquired a US-based web and mobile technology company, RelayStrategy in a complete buyout for cash transaction. RelayStrategy had been developing custom web and mobile applications for clients across healthcare, finance, insurance verticals.
This acquisition enables Altruist, currently a major voice social networking player, to enter the 3G data applications space and also to monetise RelayStrategy’s technology capability by directly creating and hosting India-focussed downloadable apps on various app-stores like ITunes, Android Marketplace and Blackberry Store.
Also, mobile marketing company Mobile2win, merged with Altruist Technologies. It was a share swap deal under which the owners of Mobile2win acquired a stake in Altruist and in return owners of Altruist got a stake in Mobile2win.
Post-merger or acquisition, all the three companies are operating independently.
On being asked about future plans, Aggarwal said, “We are planning to increase our headcount from 200 people to 300 by this year in Chandigarh in order to cater to new markets and to lay focus on product development. Besides catering to domestic market, we are looking at countries like Indonesia, Philippines, Vietnam and Sri lanka,”
Recently, it had developed a new product through which one can apply for jobs on phone. The service is available for both job seekers as well as job providers on phones. The service is available with various service providers. To make it more user friendly it had added certain verticals on specific career related queries like consultants for immigration, language barriers and counseling through our call center.
“The aim is to broad base the job search mechanism for people who don't have internet access,’ he added
He added, Jobs on phone is one such product which shall not only create additional revenue stream for the Telecom Service Provider but also it shall be of immense utility to people who struggle to get the right candidate. “
With expanded operations and new services in offing, the Altruist group having three companies under arm is targeting a turnover of about Rs. 120 crore by the end of this fiscal year, as compared to Rs. 75 crore in 2010-11. Further, the group is looking a turnover of Rs. 200 crore by 2013.
