Chennai

Mobiquity creates digital products for brands like Amazon Web Services, Rabobank, Philips, Wawa, Backbase and Otsuka. Mobiquity group revenue was $70 mn for the year ended December 31, 2018. “This is the largest ever investment by Hexaware and the combined entity aims to directly compete with large digital agencies and consulting firms,” Hexaware said in a statement.

R Srikrishna, CEO of Hexaware Technologies, said with this acquisition, Hexaware enters an exciting new phase of growth and capability. “Mobiquity strengthens two of our key strategic offerings: Cloudify Everything and Customer Experience Transformation. We are seeing a strong demand for these capabilities and, with this acquisition, we will be able to further accelerate our contributions to our customers’ business growth,” he added. Under the cash deal, Hexaware will make an upfront pay out of up to $131 mn and a deferred consideration of up to $51 mn, part of which is contingent on earnouts, it said in a regulatory filing.

This acquisition would help gain traction in banking and pharma verticals, the focus areas for Hexaware.

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