Routesms Solutions FZE, a subsidiary of United Arab Emirates-based communications services company Route Mobile, will acquire 49 percent beneficial ownership in Kuwait-based Interteleco International for modern communications services.
“Routesms Solutions FZE, UAE … signed a SPA for the acquisition of 49% (legal shareholding / beneficial ownership) of the total outstanding share capital of Interteleco as well as an additional 41% of economic and beneficial interest (including including earnings, dividends, votes and distributions) of Interteleco, ”the company said on Wednesday in a regulatory filing.
The acquisition will be 16.29 crore and the total amount will be paid in two installments.
The first installment equal to 20 percent of the total purchase consideration will be paid upon signing of the share purchase agreement. The second installment of the balance amount will be paid once all the conditions are met, in accordance with the deposit.
“This acquisition will establish Route Mobile’s direct presence in Kuwait and thereby broaden its business horizons and integrate its verticals in Kuwait,” Route Mobile said.
Interteleco specializes in modern communication services and integrated mobile communication services in Kuwait. Its services include mobile application services, payment solutions, communication services, chatbot and conversational AI.
“Route Mobile has been a communications catalyst in the GCC, and this acquisition further strengthens our commitment to bringing comprehensive personalized communications solutions to businesses in the region,” said Rajdipkumar Gupta, Managing Director and CEO of Route Mobile.
The Kuwait-based company caters to a variety of industries including telecommunications, financial accounting, inventory management, e-commerce, and project management service companies.
“Companies on the road to digital transformation need access to innovative solutions that would help them connect with their customers. They can now capitalize on both Interteleco’s broad understanding of local requirements and the region’s business complexities and Route Mobile’s CPaaS solutions to deliver next-level experiences to their customers, ”said the founder of Interteleco, Hussain Ali Falah Al-Shehry Al-Rashidi.
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