Reliance Industries Limited (RIL) today announced that its subsidiary Reliance Jio Digital Services Limited (RJDSL) has entered into a definitive business transfer agreement with Haptik Infotech Pvt Ltd (Haptik). On a fully diluted basis Reliance will hold about 87% of the business with the rest being held by Haptik founders and employees through stock option grants. The deal is estimated at about Rs. 700 crore, with Rs. 230 crore as the consideration for the initial business transfer. Haptik said that it will remain committed to its overall Vision and Mission,that it has pursued since 2013. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. Reliance Jio will leverage Haptik’s capabilities across various devices and touch points. The investment focus is on enhancement and expansion of the platform. This partnership will also give a boost to Haptik’s existing enterprise grade business, with the company continuing to build innovative AI solutions for corporates globally. Haptik said that Times Internet, who invested in the company in 2016 will now be exiting the business as part of this transaction. Commenting on the latest deal, Akash Ambani, Director, Reliance Jio, said: This strategic investment underlines our commitment to further boost the ...
Wednesday, 3 April 2019
Reliance Jio acquires Haptik in a deal valued at Rs. 700 crore
Reliance Industries Limited (RIL) today announced that its subsidiary Reliance Jio Digital Services Limited (RJDSL) has entered into a definitive business transfer agreement with Haptik Infotech Pvt Ltd (Haptik). On a fully diluted basis Reliance will hold about 87% of the business with the rest being held by Haptik founders and employees through stock option grants. The deal is estimated at about Rs. 700 crore, with Rs. 230 crore as the consideration for the initial business transfer. Haptik said that it will remain committed to its overall Vision and Mission,that it has pursued since 2013. The Haptik team will continue to drive growth of the business, including the enterprise platform as well as digital consumer assistants. Reliance Jio will leverage Haptik’s capabilities across various devices and touch points. The investment focus is on enhancement and expansion of the platform. This partnership will also give a boost to Haptik’s existing enterprise grade business, with the company continuing to build innovative AI solutions for corporates globally. Haptik said that Times Internet, who invested in the company in 2016 will now be exiting the business as part of this transaction. Commenting on the latest deal, Akash Ambani, Director, Reliance Jio, said: This strategic investment underlines our commitment to further boost the ...
