NEW DELHI: Mobile tech solutions firm Mahindra Comviva has acquired a controlling stake in its Latin America-based competitor Advanced Technology Solutions (ATS) for an undisclosed amount.
"We are excited about joining hands with ATS to deliver an enhanced portfolio of innovative mobility solutions in Latin America. With these enhanced capabilities, we are well positioned to deliver higher value to our present and future customers. Mahindra Comviva is focusing on LATAM as our next growth market," Mahindra Comviva CEO Manoranjan Mohapatra said in a statement.
Mahindra Comviva is targeting a 500 per cent growth in revenue over the next three years from the region and the acquisition adds a number of customers to its portfolio like AT&T, Claro, Entel, Nextel, Oi, Telefonica, TIM and Vivo, among others.
ATS is a 24-year old Latin American company and has been developing technological solutions for telecom operators that enable the intelligent management of communication networks.
It provides solutions to leading telecom operators in Argentina, Brazil, Mexico, Colombia, Peru, Ecuador, and five countries in Central America.
With this acquisition, Mahindra Comviva will be ranked amongst the top VAS providers in the region.
Mahindra Comviva will strengthen in-region presence to deliver complete end to end solutions including development, implementation and post sales support capabilities in the Latin American market.
"We expect LATAM to contribute over 15 per cent of Mahindra Comviva's global revenue over the next three years," Mohapatra said.
"We're confident the combined strengths, services expertise and talent of our companies will bring greater end-to-end capabilities of products, systems integration and services for operators and enterprises, delivering greater value to all our existing customers globally, and providing opportunities for accelerated growth." ATS CEO Jorge Brunfman said.