The deal, which was signed on Thursday and is expected to close in the coming weeks, will make Boku the largest provider of direct carrier billing in India and will allow its technology to reach more than 75 per cent of the country’s mobile subscribers, adding approximately 550 million users to its customer base.
“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.”
The deal includes the purchase of all shares in Qubecell and all of Qubecell’s employees will be joining the existing Boku organisation, with the founder and CEO Ranjan Reddy joining as part of the leadership team in Asia.
“We have poured everything into building India’s first pure-play carrier billing provider and look forward to continuing our commitment to expanding mobile payments in India and the surrounding regions under the banner of Boku” said Reddy.
Majmudar managing partner Akil Hirani and associate partner Christopher Kirshnamoorthy led the firm’s team in the transaction.
Spunk Media was advised by Amit Tambe and Anjali R. Menon of Trilegal.
The size of the deal remains undisclosed.