Route Mobile opened almost 1% higher at Rs.1785 and it went up 10% to hit an intraday high at Rs.1947.75, with volumes going up 3.5 times. Its 52-week high is at Rs.1979.
The stock surged on its announcement that it has signed definitive agreements to acquire the artificial intelligence-driven email communication platform Sendclean from Sarv Webs Private Limited (“Sarv”).
This was acquired (through a slump sale) the core intellectual property (IP) for Sarv’s business email technology platform (transactional and promotional email), the team of professionals that built and supports the platform, and customer contracts, subject to the closing conditions.
The upfront purchase consideration of Rs 26.25 crore shall be paid upon closing of the acquisition, in cash. A deferred consideration of Rs 4 crore shall be paid, on the first anniversary of the closing of the acquisition, in cash.
The acquisition uniquely positions Route Mobile to offer a completely customisable email interaction platform, in addition to A2P SMS, OTT messaging, voice and enhanced business messaging solutions for enterprises to strengthen their customer relationships across multiple touchpoints.
The closing of the transaction is subject to customary condition precedents and regulatory approvals, as applicable, and is expected to close within the next 30 days.