Tanla acquires majority stake in Openbit

Tanla acquires majority stake in Openbit

Indian company Tanla has announced that they have acquired 85 percent stake in Openbit which provides mobile payment software and services.

The deal is worth around US$15.8 million and it has been conducted in a cash only transaction.

Tanla itself specializes in providing mobile software and services and this deal would boost their offerings in this competitive market.

The two companies added that the remaining stake would be acquired by Tanla in two stages of 5 and 10 percent after the first and second year, respectively.

Rohit Midha, head of corporate affairs at Tanla said that the deal gives them access to Openbit’s License Manager.