One97 Communications, a telecom application services provider, has picked up a stake in Singapore-based tenCube, a mobile security services company. The company's product - WaveSecure - offers users complete protection for their mobile device, data and privacy. New Delhi-based One97 has picked up a less than 25% stake for $1 million, said a company spokesperson.
WaveSecure helps users to remotely lock, track and locate lost phones, get a copy of their data securely backed up, and remotely wipe data off the phone to protect privacy. The deal will give One97 priority reseller rights for the product in multiple geographies, including India. The product will also give One97 entry into the rapidly growing mobile application market and could also be its entry strategy in markets like Europe and North America.
“Device apps is the logical extension from our leadership in Cloud-based telecom applications and services. Our investment in tenCube is in line with our focus on entering into new areas of growth through investments and acquisitions,” said Vijay Shekhar Sharma, Managing Director of One97.
tenCube, which has been earlier funded by NUS Enterprise and the Singapore Government's SEEDS investment fund, will be One97's first overseas investment. Its existing customers include Nokia, SingTel, Sony Ericsson and Telenor.
In an earlier interview, Sharma told VCCircle that One97 has set aside $5 million to incubate companies and invest in new ideas. Another one of its investments is mobile advertising start up Oorja Mobile Services. The firm has also incubated companies like PayTM and oc2ps, a mobile commerce initiative and social networking platform respectively. One97 has raised private equity funding from SAIF Partners, Intel Capital and Silicon Valley Bank.