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OnMobile Global writes down Rs 68 crore from Telisma acquisition

OnMobile Global has written down a non-cash goodwill impairment charge of Rs 68 crore related to the Telisma acquisition, the company has disclosed in its earnings results for the quarter ended March 31, 2014. OnMobile had acquired the French speech recognition company Telisma S.A for Rs 84.4 crore, way back in 2008. The company says that this acquisition helped OnMobile win new customers in emerging markets, however recently "the market outlook for the core products in its target markets has deteriorated", thereby resulting in this impairment. Telisma had a speech recognition technology available in 10 Indian languages – Hindi, Bengali, Tamil, Gujarati, Punjabi, Kannada, Telugu, Malayalam, Marathi, and English and through this acquisition, OnMobile was looking to develop new language capabilities, which will help them to gain market entry and acquire new clients. The company had then stated plans to deploy it with operator clients over…

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