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MobiVite Acquired By One97 To Ensure Further Growth & Service Augmentation
MobiVite, a Delhi-based company, has been acquired by One97 Communications. Owned by technology start-up Srishti TechNet, the company allows businesses and brand managers to create mobile websites and execute mobile web campaigns for Small & Medium Enterprises (SME).
Though the monetary value changing hands has not been officially declared, Srishti will get royalties from One97 for revenues earned through MobiVite. Interestingly though, Sanjay Goel, founder and CEO of MobiVite has hinted that, the deal “would cost around half a million dollars”. As part of the transition, Goel will be joining the mobile marketing team at One97. Furthermore, the parent company (Srishti TechNet) will be dissolved. But, One97 will retain the brand name MobiVite. Vijay Shekhar Sharma, founder and CEO of One97 explained, “We want to be the dominating force of the mobile internet ecosystem. Bringing MobiVite allows us to accelerate our journey towards that purpose”. One97 currently manages mobile content and advertising accounts of large customers like Airtel, Vodafone, Nestlé, General Motors, among others
What can MobiVite offer to One97?
Operating on a cloud computing technolog, the company caters mostly to SMEs who wish to get onto the Mobile based user engagement & subscriber augmentation trend. MobiVite has been a significant part of Google’s ‘Let’s Talk Mo’ program & was nominated as the “key vendor” in the country as part of the search engine provider’s diligent endeavor to attract small- and medium-businesses to its products.
Interestingly, acquisition was not on the cards. According to the founder, the company was looking to scale up operations but could not find any suitable VC backers, “We definitely needed funds but we were also looking for a partner who had certain other components ready, which are needed for mobile marketing. One97 had all of that,” revealed Goel. With just half a million dollars changing hands, it looks like a case of perfectly timing the acquisition. What do you think?
Image Courtesy | insightvas
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2012-12-19 05:41:13
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