Mahindra Comviva, a mobility solutions provider, has signed an agreement to acquire Emagine International for an undisclosed sum, with the transaction expected to close in a week’s time.
The acquisition adds a number of customers such as Optus, 9 Mobile (formerly Etisalat Nigeria), Virgin Mobile, Vodacom and Vodafone Australia to Comviva’s portfolio. The combined business intends to achieve a 25 per cent year-on-year revenue growth by fiscal 2021.
“This will greatly enhance our ability to capitalise on the exploding demand for consumer analytics solutions. Comviva is focused on ensuring a leadership position in this space. With this, we are well-positioned to deliver accelerated revenue growth to all our stakeholders,” said Manoranjan Mohapatra, Chief Executive Officer, Mahindra Comviva.
Founded in 1998, Sydney-based Emagine is a specialist provider of real-time, contextual marketing solutions and managed business intelligence services. Mahindra Comviva is a value-added services (VAS) provider, in which Tech Mahindra holds a 67 per cent stake — the rest is held by Bharti Group (20 per cent) and private equity firm WestBridge Capital (about 10 per cent) — has a presence in 95 countries.
Talking on future expansions, Mohapatra said: “We are working on expanding our Consumer Value Management solutions to BFSI, retail and energy sectors. Our M&A team will continue to look for right opportunities that will help us consolidate our position in this space”.
Comviva has appointed David Peters, Chief Executive Officer of Emagine International, and Amit Sanyal, business head, customer value management practice, Comviva, as the executive heads of the combined business. “We’re confident that the combined strengths, services expertise, and talent of our companies will bring greater end-to-end capabilities of products and services for telecom operators, delivering greater value to all our existing customers globally, and opportunities for accelerated growth,” David Peters said.