Bangalore-based technology startup Colimetrics Software that has built a solution to help people deal with email overload, has been acquired by US-based ActMobile Networks in an all-stock deal, reports The Economic Times. The four-member company will now start working for Silicon-valley based Colimetrics from its Bangalore office.
Colimetrics CEO Pankaj Kulkarni has now joined ActMobile as the head of its engineering division. Prior to acquisition, the Bangalore-based company were taking up engineering work for third-party companies as it was not able able to create enough revenues to sustain the company from its lone product. It had taken up a similar project with ActMobile, which wanted to build an engineering team and so decided to hire the Colimtrics team by offering them shares in the company.
ActMobile has several mobile speed optimization solutions that includes a VPN, browser and dashboard that developers can use to improve load time of apps. It also offers a app hosting solution for enterprises apart from a mobile SDK for integrating its services.
Acqui-hires are not very common in Indian startup space and even when it happens, it’s hardly talked about. The only notable acqui-hires recently in India have been the acquisition of Bangalore-based company LittleEyeLabs, by Facebook for a rumoured $10-15 million and the acqui-hire of mobile app Gawbl by TimesCity. So this is definitely not a trend, but this deal shows that getting acqui-hired is an option for entrepreneurs that are looking to exit a business. Of course, be careful not to leave anyone behind then without giving a good reason.