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Altruist Close To Acquiring PhoneyTunes

This deal has been in the works for a while, and it looks like it might be closed soon. Altruist Technologies is on the verge of acquiring around 70% in Mobisoft (PhoneyTunes), reports Voice & Data, citing both Altruist CEO Dheeraj Aggarwal and Mobisoft (Phoneytunes) CEO Taron Mohan. From what we gather, the companies have been close to finalizing the deal since end-September, when we had contacted Anuj Aggarwal, Director at Altruist for a confirmation or denial. He had said then that the companies were in late stages of talks and deal is taking time. The voice & Data report cites some ‘internal issues’ and that the matter is ‘technical subjudice’.

Altruist has been working on a rollup for a while now:
– In July 2011, they acquired RelayStrategy, a mobile applications and IT solutions company, acquiring competency for Voice, SMS, WAP and Applications
– In June 2011, they picked up 20% in Vegam Solutions, a mobile VAS Retail and voice gaming company.
– Remember that Altruist had previously acquired Mobile2Win in an all stock deal.

The thing about this deal is that at one point in time, PhoneyTunes was believed to have sold some stake to another VAS company – vRock Mobile, and the time that vRock had received the IPL SMS, MMS and IVR rights for the first time. We don’t know the status of that deal.

We’ll update this with more info.

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