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This Indian IT co buys US-based firm Mobiquity

BENGALURU: Hexaware Technologies has received US-based global virtual consultancy Mobiquity for $182 million (Rs 1,300 crore) - its biggest ever acquisition. Mobiquity strengthens the Mumbai-based, $700-million IT company's features in customer revel in and cloud with a collection of virtual choices. The deal, funded thru a combination of internal accruals and debt, is structured with an in advance payment of $131 million and a deferred attention of $51 million, a part of which is contingent on earnouts.

Mobiquity - which counts Amazon Web Services (AWS), Rabobank, Philips, Wawa, Backbase and Otsuka as shoppers - will allow Hexaware to compete with massive virtual businesses. Its income in 2018 was once $70 million and its final three-year CAGR was once 24%. It had $53 million and $46 million in income in 2017 and 2016.

Hexaware Technologies CEO R Srikrishna said no longer many firms have features on the intersection of strategy, design and high-end engineering features. "By doing so, Mobiquity is building good products. All our new product development will adopt a cloud-native approach. These guys bring among the best cloud-native capabilities in the world on Amazon. They also bring some significant vertical capabilities and some partnerships," he said.

Mobiquity is AWS' premier consulting spouse and this is a release spouse for a bunch of virtual services, including Alexa for Business and AWS AppSync. Hexaware is on-boarding all its 650 workers unfold across the US, Netherlands and India. Its CEO John Castleman will continue in his current role. He can be in Hexaware's management council.

Mobiquity has considerably contributed to the design and construction of Abilify Mycite, the primary US Food and Drug Administration-approved virtual drugs machine that was once granted to Japan's Otsuka Pharmaceutical. Otsuka's oral aripiprazole pills is embedded with an ingestible tournament marker (IEM) sensor where the data is shipped to healthcare suppliers and caregivers. Mobiquity designed and developed the affected person app as well as the healthcare supplier and caregiver portals for affected person give a boost to.

Mobiquity also brings features in banking and financial services. "A large bank in the Middle East will be born a digital bank and it's being built by Mobiquity," Srikrishna said.

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