Croatian firm Infobip taking over US-based OpenMarket for $300 million
- by croatiaweek
- in Business
ZAGREB, Nov 11 (Hina) – The Croatian IT company Infobip announced on Wednesday it was taking over the US company OpenMarket for about $300 million.
“The leading IT company in Croatia and the region, Infobip, from Vodnjan has concluded a sales contract with the US Amdocs company and has acquired the OpenMarket IT company, a leading B2B provider of mobile messaging solutions, for a gross cash amount of approximately $300 million,” the company said in a press release, adding that it expects the transaction to be closed after the receipt of customary regulatory approvals.
Infobip said that the transaction came less than three months after significant investment and partnership with One Equity Partners, the first foreign financial investor in the Vodnjan company. One Equity Partners worked closely with Infobip on the sourcing and the execution of this transformative transaction.
Infobip underscored that the acquisition of OpenMarket combines two excellent companies with the aim of creating a global leader in the field of cloud communication, and this latest acquisition accelerates Infobip’s growth and a combined revenue run rate of more than $1 billion.
The transaction will enable more than 14 billion user interactions a month through a series of communication channels in more than 190 countries, the company said in its press release.
“This transaction marks a significant leap forward in our journey towards exponential growth. Combined, Infobip and OpenMarket have some 10,000 customers, including many of the world’s leading enterprises,” Infobip’s CEO Silvio Kutic said.
OpenMarket’s CEO Jonathan Morgan thanked Amdocs for its support and for recognising the extraordinary potential of this strategic combination.
OpenMarket is the leading provider of mobile engagement solutions that support the largest global companies in providing scalable A2P (Application-to-Person) SMS, MMS and RCS user communication.