Route Mobile will acquire AI Phonon Communications Pvt Ltd in a cash-only transaction for INR 29 crore. The upfront amount will be paid out upon closing of the transaction, the deferred consideration will be paid later in a cycle of four installments.
Phonon serves as a complete set of AI-driven conversational contact center solutions. They execute this by collaborating with established cloud platforms like Azure, AWS, and Google Cloud. The solutions Phonon has to offer are used by leading brands across like Yes Bank, Citibank, HDFC Bank, Royal Sundaram General Insurance Co. Ltd, HDFC Life Insurance Co. Ltd, IndiGo, Air Asia (India), GoAir, Yatra, Vistara, Sodexo, and ITC Hotels among others. During the Fiscal year of 2019-20, Phonon clocked in INR 17 crore It is expected the acquisition will be completed by May 31, 2021.
Route Mobile is a service provider of Cloud Communication Platform, catering to enterprises, mobile network operators (MNO), and over-the-top (OTT) players, and in a very cost-effective manner.