Boku Targets India with First Acquisition
Nov. 25, 2013
Boku, the San Francisco-based direct carrier billing technology provider, has made its first acquisition, entering the Indian market by nabbing Qubecell. The Mumbai-based company instantly gives Boku connections with India’s four largest carriers reaching more than a half billion subscribers. In addition to serving 75 percent of Indian mobile subscribers, Boku inherits a significant presence in other countries in Asia and the Middle East. Clearly India is the focus for Boku, though.
“India is a tremendously important market for direct carrier billing. What Qubecell has built and the market leadership position they’ve acquired in such a short period of time is extremely impressive,” said Jon Prideaux, chief business officer for Boku. “Our plan is to leverage the resources built by Qubecell to create a regional hub for our company’s global operation that will provide support for our merchant and carrier customers across Asia, the Middle East, and Australia while helping to continue our expansion into the emerging markets.”
Financial terms of the agreement were not disclosed, but Boku said it will retain all Qubecell employees and that the company’s founder and CEO Ranjan Reddy will stay as part of the leadership team in Asia.