Route Mobile said it has completed the acquisition of Rajasthan-based Sarv Webs on 5 July 2021.
Route Mobile entered into a business transfer agreement ('BTA') on 1 July 2021 with Sarv Webs, Rajasthan, India for acquisition of primarily intellectual property ('software') and its associated identified customer contracts ('business'), on a slump sale basis.Sarv Webs is in the business of providing cloud based digital communication solutions to transmit transactional and promotional emails on behalf of enterprises.
Route Mobile paid upfront purchase consideration of Rs 26.25 crore, in cash for acquiring the intellectual property and its related customer contracts of Sarv Webs. A deferred consideration of Rs 4 crore shall be paid, on the first anniversary of the closing of the acquisition, in cash.
The company reported 139.8% jump in consolidated net profit to Rs 35.47 crore in Q4 FY21 as against Rs 14.79 crore in Q4 FY20. Net sales during the quarter increased 36.4% year-on-year (Y-o-Y) to Rs 362.44 crore.
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO).
Shares of Route Mobile skid 3.05% to Rs 2,056.70 on BSE. The stock hovered in the range of Rs 2,040 to Rs 2,130.40 so far.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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