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Tata Communications has acquired a 65 per cent stake in Teleena, a Netherlands-based Internet of Things (IoT) connectivity firm and mobile virtual network enabler (MVNE). The financial terms of the deal were not disclosed.
The acquisition follows Tata Communications’ investment in Teleena in January 2017, when the company became the single largest shareholder with a 35 per cent stake. Following the acquisition, the Indian company's stake in Teleena rose to 100 per cent.
The acquisition is an investment in technology and talent to accelerate Tata Communications’ growth in the global mobility and Internet of Things market, the Tata group company said in a statement.
It gives the company full access to Teleena’s technology portfolio, including its MVNE platform, its Operational Support System/ Business Support System (OSS/BSS) solution, and the expertise of Teleena’s mobility and IoT industry specialists, it added.
“The growth rate in the global mobility and IoT market is phenomenal: by 2021, enterprises’ spending on mobility alone is set to surpass $1.7 trillion,” said Anthony Bartolo, Chief Product Officer, Tata Communications.
“The combination of the Tata Communications’ MOVE platform, and Teleena’s technology and talent, will help us fulfil this vision, and accelerate our growth in the mobility and IoT market," he added.
Teleena’s customers will now transition to become Tata Communications’ customers, and all Teleena employees will become Tata Communications’ employees.
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