Affle to acquire majority stake in Appnext for $17.25 million – Economic Times
The deal includes 66.67% of equity ownership and 100% voting rights in Appnext Singapore, and full ownership of Tech IP assets.
Consumer intelligence company Affle India is set to acquire 66.67% stake and 100% voting rights in independent app recommendation platform Appnext for $17.25 million, or around Rs 132.05 crore.
The deal will help Affle strengthen the mobile app recommendation platform globally. As part of the definitive agreements, Affle will acquire full control of Appnext Singapore and 100% IP of Appnext app discovery and recommendation platform with immediate effect.
It will also have an option to acquire the remaining non-voting shares 28.33% and 5% of Appnext Singapore within 3 years and 5 years, respectively from the closing of the share purchase agreement.
“The Appnext platform transforms ads into app recommendations as a service for consumers and thus strengthens our CPCU (cost per converted user) business model by enabling greater ROI for advertisers. We value the platforms and the ecosystem enabled by Appnext, and look forward to growing that together now,” said Anuj Khanna Sohum, Chairman, MD and CEO, Affle.
Appnext’s app discovery and recommendation platform enables top mobile handset manufacturers (OEMs) and apps developers to deliver personalised app recommendations to mobile users globally.
Appnext blends app recommendations as a service that integrates seamlessly with the users’ daily mobile journey. Utilising its proprietary ‘Timeline’ technology, Appnext predicts which apps the users are likely to use next.
With 300 million daily active users, 20+ on-device daily interactions through strategic OEM partnerships and 60,000+ apps, Appnext claims of delivering over 4 billion app recommendations per day.
This is Affle’s sixth acquisition within the last two and a half years. In February, it had acquired Spanish mobile advertising technology company Mediasmart for €5.1 million, or about Rs 40.6 crore, in an all cash deal. Last year, it had acquired US-based mobile marketing company RevX and Singapore based online-to-offline (O2O) platform Shoffr.
It had also bought brand, retargeting and push notification businesses and platform of marketing technology startup Vizury in September 2018, and ‘Markt’, a platform to expand its O2O commerce business, in March 2018.
Affle Holdings, the Singapore-headquartered parent entity, counts among its investors Microsoft, D2C (the digital advertising and marketing company established jointly by NTT DoCoMo, Dentsu, and NTT Advertising), Itochu, Centurion Investment Management and Bennett Coleman & Co Ltd, which publishes The Economic Times.
Affle India shares were trading at Rs 1,535 apiece on the Bombay Stock Exchange on Tuesday morning, up 3.6% from the previous close