MIH Web acquires minority stake in ACL Wireless

By , agencyfaqs!, New Delhi | In Digital | July 09, 2007
MIH Web has paid $12.3 million for a minority stake in the mobile VAS company

MIH Web Pvt. Ltd & #BANNER1 & # continues on its acquisition spree. The company has picked up a minority stake in mobile VAS services developer, ACL Wireless, for a sum of $12.3 million (Rs 50 crore), according to a senior official at the mobile company. While there is a report that MIH Web has acquired a 20 per cent stake in ACL Wireless, the official said that the actual figure was "in that region".

The official added that ACL Wireless had been looking for a strategic investor for a while and was not keen on venture capital funding. The focus of the company was now on developing mobile applications such as mobile community services.

Speaking to agencyfaqs! earlier, Ashish Kashyap, CEO of MIH Web Pvt. Ltd, had said that the company's acquisition strategy would be driven by technologically strong companies that could add value to the business. MIH Web is keen on developing its mobile offerings and this investment indicates an interest in the booming mobile applications arena.

ACL Wireless is active in developing mobile applications for communities, instant messaging, network-agnostic connectivity and billings. The company has been listed by Deloitte as one of India's fastest growing technology companies for two years in a row.

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