Routesms Solutions FZE ("RSL FZE"), UAE, a wholly-owned subsidiary of Route Mobile Limited ("Route Mobile"), one of the leading cloud communication platform service providers to enterprises, over-the-top ("OTT") players, and mobile network operators, today announced that it has signed a SPA for the acquisition of 49% (legal shareholding / effective ownership) of the total outstanding equity share capital of Interteleco along with additional 41% of economic & beneficial interest (including profits, dividends, voting and distributions) of Interteleco. Interteleco is engaged in the business of modern communication services and integrated services for mobile communication. 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.
Interteleco is into 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 among others. It caters to a variety of industries including telecommunications, financial accounting, inventory management, e-commerce, and project management service companies.
Rajdipkumar Gupta, Managing Director and Group CEO, Route Mobile Limited, said, "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."
Mr. Hussain Ali Falah Al-Shehry Al-Rashidi, Founder, Interteleco said, "It's an exciting time for us, as this new association culminates our efforts in building a strong portfolio catering to businesses in Kuwait." He further added, "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 localized requirements and business complexities and Route Mobile's CPaaS-driven solutions to offer next-level experiences to their customers."
Subject to the fulfillment of conditions precedent provided in the definitive agreements, the acquisition is expected to be completed within the next two months.
Shares of ROUTE MOBILE LIMITED was last trading in BSE at Rs. 2305.10 as compared to the previous close of Rs. 2297.05. The total number of shares traded during the day was 131397 in over 17168 trades.
The stock hit an intraday high of Rs. 2388.10 and intraday low of 2275.10. The net turnover during the day was Rs. 306978798.00.