Singapore-based mobile commerce and marketing solutions provider Affle Holdings Pte. Ltd has acquired the platform and business interests of US-based mobile marketing company RevX Inc.
Apart from the platform itself, Affle will also acquire RevX’s brand name, assets, intellectual property rights, business relationships and technical information as part of the deal.
In a statement, the company said the acquisition will strengthen its own platform meant for user acquisition and re-targeting. It didn’t disclose financial details of the deal.
Affle chairman Anuj Khanna Sohum said the company was confident of its move because of the synergies between the company and RevX. “This acquisition would complete our CPCU-based offering by adding newer functionalities and machine learning-driven algorithms,” he said, referring to cost per converted user.
Queries sent to Affle and RevX regarding the financial details of the deal did not elicit a response till the time of publication.
Co-founded in 2013 by Mukesh Agarwal and Ruksh Chatterji, RevX was originally spun off from Mumbai-based digital media technology company Komli Media India Pvt. Ltd to focus on app re-engagement opportunities.
According to its website, the company says its platform delivers highly personalised mobile advertisements based on insights into browsing behaviour. RevX offers solutions such as app retargeting, user acquisition, social experiences and SocialX, a performance improvement tool for ads on Facebook based on predictive analytics and machine learning.
In 2015, RevX secured $4 million in funding from Komli investors Norwest Venture Partners, Nexus Venture Partners, Helion Venture Partners, Draper Fisher Jurvetson and Peepul Capital. It counts entities such as Myntra, Flipkart, Swiggy and Nykaa as its customers.
Affle was founded in 2006 by Sohum and Anuj Kumar. The company offers a variety of mobile-based marketing commerce solutions including mobile advertising, fraud detection, rich media and video, data management, audience intelligence and ad monetisation.
Affle – backed by investors such as Microsoft and Times Internet – operates through seven offices worldwide with over 180 employees. Besides Singapore, it has offices in Gurugram, Mumbai, Jakarta and Kuala Lumpur.
The acquisition of RevX comes almost a year after Affle acquired the commerce business of digital customer relationship management (CRM) company Vizury Interactive Solutions Pvt. Ltd. The acquisition included the re-targeting media business and the push notification CRM platform business.
In May last year, VCCircle exclusively reported that Affle was looking to raise $100-110 million by listing Affle India Pvt. Ltd. People familiar with the matter had said that while Affle had initially planned to list the entity in Singapore, market volatility prompted the decision to list in India.
In October last year, Affle received approval from the Securities and Exchange Board of India to float its initial public offering. The potential listing will mark a rare case where an overseas technology venture opts to go public in India, even though the foreign parent has the option of listing on overseas exchanges. Affle had hired Nomura Financial Advisory and Securities (India) and ICICI Securities as merchant bankers to arrange the IPO.