Exclusive: Mobile value added services company Altruist has acquired RelayStrategy, a mobile applications and IT solutions development company, Anuj Aggarwal, co-Founder Altruist, confirmed to MediaNama. It’s a “100% acquisition, except the ESOPS”, Aggarwal said, and an all cash deal, though he declined to disclose the amount. This deal comes almost three weeks after the company had announced the acquisition of 20% stake in VAS Retail and Voice gaming company Vegam.
With the acquisition, Altruist now has competency for Voice, SMS, WAP and Applications: it was primarily a voice based services company before the acquisition of Mobile2Win acquisition in 2009 (for SMS competency), and with RelayStrategy, the company has acquired WAP and Mobile App development competency. Aggarwal said that they had been working with RelayStrategy for the last two quarters, on mobile app development.
RelayStrategy provides IT services to some clients, and will continue to operate as an independent entity with its 55 employees retained, but will be an Altruist subsidiary. The company develops apps on the Netbiscuits platform, as well as Android, Blackberry and iOS . There is also a fit, according to Aggarwal, with Altruists m-Governance system integrator business. RelayStrategy was founded by serial entrepreneur Navneet Gosal, for whom this is a fourth venture.
Aggarwal believes that the acquisition will allow Altruist to, in particular, to strengthen its brands business. The company works with brands like Thums Up, Pepsi, Kingfisher, Bajaj etc, who might want a WAP or an applications presence.
It’s worth noting that proximity may have played a part: Altruist has significant operations in Chandigarh, where RelayStrategy also has its technology center in Chandigarh., and sales operations in the USA, in Washington DC and Pittsburgh.
Aggarwal added that the company is in talks for a substantive acquisition in the mobile VAS space, but there’s no telling how long that deal might take. Altruist appears to be putting together a portfolio of companies in a way that is reminiscent of the spree that ValueFirst Messaging went on last year.