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Spice Mobility acquires 26% stake in telecom tech company Creative Functionapps

Spice Digital, a subsidiary of Spice Mobility, has acquired a 26% stake in telecom technology solutions providers Creative Functionapps Lab Private Limited for an undisclosed amount, the company informed BSE. Following the deal, Creative Functionapps has become an Associate Company of Spice Digital. Creative Functionapps develops a host of products and solutions for telecom operators, including analytics-based telecom network performance and monitoring to mobile and internet consumer services. With Spice Mobility's mobile devices business continuing to post losses, the acquisition of Creative Functionapps could be the company's attempt to prop up its services business, which has been steadily increasing its share in the company's total revenues: the segment posted profit before tax of Rs 4.6 crore for the quarter ended March 31, 2015, down 5.35% from Rs 4.86 crore profit in the same quarter last year, and down 7.44% from Rs 4.97 crore profit in the previous quarter. It reported revenues of Rs 50.15 crore for the quarter, up 2.93% from Rs 48.72 crore in the same quarter last year, and up by 6.22% from Rs 47.21 crore in the preceding quarter. Services business accounted for about 10.57% of Spice Mobility’s revenues for the quarter, up from a 8.27% share in the previous quarter. On the other hand, the company's mobile devices business continues to post losses: It reported net loss before tax of Rs 69.78 crore for the quarter ended March 31,2015, as compared to a loss of Rs 17.93 crore in the same quarter last year. In the previous quarter, it had posted a loss of Rs 29.21 crore. The segment reported total revenues of Rs 425.38 crore for…

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