BSE-listed software product and technology services company Persistent Systems has entered into an asset purchase agreement to acquire certain assets of the mobile advertising firm Hoopz Planet Info. Private Limited, the company has informed BSE.
The terms of this acquisition terms or the financial details haven’t been disclosed yet. We’ve written to Hoopz and Persistent Systems for more details on this and will update once we get a response.
Founded in 2011, Hoopz provides auto-search and content discovery solutions for web and mobile platforms which can be deployed on mobile phones, tablets, computers, TVs and other Internet connected devices. The company claims that this solution can pick out keywords from applications or any content on the user’s phone and automatically deliver contextual search results on these devices.
It also provides digital marketing solutions for device manufacturers and telcos to allow them deliver contextual real-time ads based on keywords from any app or content on the user’s phone.
Earlier in February, Persistent Systems had also acquired CloudSquads, a consultancy company that has created social communities for 70 global companies, for an undisclosed amount.
It had also launched an early stage fund called Persistent Venture Fund in December last year. The fund focuses on social, mobile, analytics and cloud computing (SMAC) technologies and provides seed capital for early stage companies in these segments. Its portfolio companies include California-based wearable tech startup Hyginex, video calling iPad app Ustyme and life sciences company DxNow.