Route Mobile's UAE arm to acquire stake in Kuwait-based Interteleco

Communication services firm Route Mobiles UAE-based arm Routesms Solutions FZE will acquire 49 per cent effective ownership in Kuwait-based Interteleco International for Modern Communication Services.Routesms Solutions FZE, UAE...


PTI | New Delhi | Updated: 13-10-2021 12:48 IST | Created: 13-10-2021 12:41 IST
Route Mobile's UAE arm to acquire stake in Kuwait-based Interteleco
Representative Image Image Credit: Twitter (Routemobilelimited)
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Communication services firm Route Mobile's UAE-based arm Routesms Solutions FZE will acquire 49 percent effective ownership in Kuwait-based Interteleco International for Modern Communication Services.

''Routesms Solutions FZE, UAE... has signed a SPA for the acquisition of 49 percent (legal shareholding/effective ownership) of the total outstanding equity share capital of Interteleco along with an additional 41 percent of economic and beneficial interest (including profits, dividends, voting, and distributions) of Interteleco,'' the company said in a regulatory filing on Wednesday.

The acquisition will be for Rs 16.29 crore and the total amount will be paid in two tranches.

The first tranche equivalent to 20 percent of the total purchase consideration will be paid upon signing of the share purchase agreement. The second tranche of the balance amount will be paid upon fulfillment of all the conditions, as per the filing.

''This acquisition will help establish Route Mobile's direct presence in Kuwait and thus augment its business horizons and integrate its business verticals in Kuwait,'' Route Mobile said.

Interteleco is into the business of modern communication services and integrated services for mobile communication in Kuwait. Its services include mobile app services, payment solutions, communication services, chatbot, and conversational AI.

''Route Mobile has been a communication enabler in the GCC, and this acquisition further reinforces our commitment in bringing global personalized communication solutions to businesses in the region,'' Route Mobile Managing Director and Group CEO Rajdipkumar Gupta said.

The Kuwait-based company caters to a variety of industries, including telecommunications, financial accounting, inventory management, e-commerce, and project management service companies.

''Companies on the path to digital transformation require access to innovative solutions that would help them to connect with their customers.

''They can now capitalize on both Interteleco's broad understanding of the region's localised requirements and business complexities and Route Mobile's CPaaS-driven solutions to offer next-level experiences to their customers,'' Interteleco founder Hussain Ali Falah Al-Shehry Al-Rashidi said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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