Companies

Route Mobile’s UAE arm to acquire stake in Kuwait-based Interteleco

PTI New Delhi | Updated on October 13, 2021

The acquisition will be for ₹16.29 crore and the total amount will be paid in two tranches

Communication services firm Route Mobile’s UAE-based arm Routesms Solutions FZE will acquire 49 per cent effective ownership in Kuwait-based Interteleco International for Modern Communication Services.

“Routesms Solutions FZE, UAE... has signed a SPA for the acquisition of 49 per cent (legal shareholding/effective ownership) of the total outstanding equity share capital of Interteleco along with additional 41 per cent of economic and beneficial interest (including profits, dividends, voting and distributions) of Interteleco,” the company said in a regulatory filing on Wednesday.

The acquisition will be for ₹16.29 crore and the total amount will be paid in two tranches.

The first tranche equivalent to 20 per cent of the total purchase consideration will be paid upon signing of the share purchase agreement. The second tranche of the balance amount will be paid upon fulfilment of all the conditions, as per the filing.

“This acquisition will help establish Route Mobile’s direct presence in Kuwait and thus augment its business horizons and integrate its business verticals in Kuwait,” Route Mobile said.

Firm’s services

Interteleco is into the business of modern communication services and integrated services for mobile communication in Kuwait. Its services include mobile app services, payment solutions, communication services, chatbot and conversational AI.

“Route Mobile has been a communication enabler in the GCC, and this acquisition further reinforces our commitment in bringing global personalised communication solutions to businesses in the region,” Route Mobile Managing Director and Group CEO Rajdipkumar Gupta said.

The Kuwait-based company caters to a variety of industries, including telecommunications, financial accounting, inventory management, e-commerce, and project management service companies.

“Companies on the path to digital transformation require access to innovative solutions that would help them to connect with their customers. They can now capitalise on both Interteleco’s broad understanding of the region's localised requirements and business complexities and Route Mobile's CPaaS-driven solutions to offer next-level experiences to their customers,” Interteleco founder Hussain Ali Falah Al-Shehry Al-Rashidi said.

Published on October 13, 2021

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