ValueFirst acquires Cellnext
Company Brief
Gurgaon, September 30, 2009
ValueFirst today announced the acquisition of India’s leading mobile value added services (m-vas) company Cellnext Solutions Limited (Cellnext).
The acquisition of Cellnext by ValueFirst is a build up to its IPO plans. ValueFirst has seen phenomenal growth and a massive scale up, engineered through a fast paced organic growth. In December 2008, ValueFirst had raised venture capital for executing its growth and expansion strategy from reputed VC firm New Enterprise Associates. According to Vish Bajaj, CEO, ValueFirst, “The enterprise business of Cellnext offers great synergy with ValueFirst’s core offering for enterprises. The operator business and the m-commerce platform of Cellnext allow ValueFirst to extend its reach deeper in the mobile eco-system.” However, Escorts group’s strong brand name enjoyed by Cellnext is also an important criterion for the acquisition.
Post acquisition, ValueFirst intends to run Cellnext as a separate company. In this context, Vish informed, “ValueFirst would retain and grow the Cellnext brand. ValueFirst will leverage its massive sales structure and processes to build upon Cellnext’s domain knowledge and vertical specific product offerings.”
“We continuously invested in Cellnext, and today the company has become a repository of frontline mobile messaging solutions. We now have a good buyer in ValueFirst and found this opportunity to complete our planned reorientation towards core engineering businesses.” said G B Mathur, Vice President - Law & Company Secretary – Escorts Limited.
As part of Escorts group, Cellnext has pioneered many m-vas services in the industry and has a rich repertoire of m-vas product portfolio for enterprises, operators and consumers. Cellnext has marquee enterprises and mobile operators as its customers. More recently, Cellnext introduced its innovative m-commerce platform which has seen rapid market traction amongst merchants and consumers.
For further information, please contact:
Bhavna Jagtiani
Mobile: +91 98205 13970
Email: bhavna.jagtiani@edelman.com
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