Cloud communications company Infobip has penned a deal with fellow communications company Amdocs to acquire OpenMarket, a provider of mobile messaging solutions to enterprises, for around $300m.
The combination of Infobip and OpenMarket will create a company with a revenue runrate of more than $1bn which processes more than 14bn customer interactions per month in more than 190 countries.
“This transaction marks a significant leap forward in our journey towards exponential growth,” said Silvio Kutic, Co-founder and CEO of Infobip. “Combined, Infobip and OpenMarket have some 10,000 customers, including many of the world’s leading enterprises. We will now be better able to meet the customers’ needs in every region, with best-in-class direct connectivity to more than 650 mobile operators and a best-in-class combined portfolio of cloud-based messaging and SaaS offerings.”
Jonathan Morgan, CEO of OpenMarket, added, “We are excited to join forces with the Infobip team to offer an even better value proposition to our customers at this exciting time. I want to thank Amdocs for its support of OpenMarket over many years, and for recognizing the extraordinary potential of this strategic combination.”
Earlier this year, Infobip raised over $200m from private equity firm One Equity Partners at a valuation of over $1bn. It was the company’s first external round of funding.