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

Credit: REUTERS/JOSE LUIS GONZALEZ

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.

BENGALURU, June 14 (Reuters) - Indian IT services company Hexaware Technologies Ltd HEXT.NS 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.

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

(Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu)

((derek.francis@thomsonreuters.com; +91-9986311363; Tweet to @derekfrancis089 LinkedIn: https://www.linkedin.com/in/derek-francis/;))

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