June 14, 2019 / 3:12 AM / 3 months ago

India's Hexaware Technologies buys U.S.-based Mobiquity for $182 million

BENGALURU (Reuters) - Indian IT services company Hexaware Technologies Ltd said on Friday it bought privately owned Mobiquity Inc for $182 million, to expand its cloud and automation service offerings.

The deal will help Mumbai-based Hexaware gain traction in its banking and pharmaceutical verticals, through Mobiquity’s digital products.

Hexaware will pay $131 million upfront to Mobiquity and a deferred consideration of $51 million will be paid based on earnouts, the company said here

U.S.-based Mobiquity makes products for partners including Amazon’s AWS and Netherlands-headquartered software company Bankbase.

Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu

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