SinglePoint Expands Into India With Purchase Of M2Junction
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SinglePoint is acquiring India-based M2Junction, which has developed a text-messaging mobile advertising platform. The purchase comes just a week after the Bellevue, Wash. company sold off off a piece of its business to Ericsson and announced a new CEO. Terms of the deal were not disclosed.
SEE ALSO: SinglePoint Sells Off Carrier Pipes To Ericsson; Focuses On Mobile Advertising
SinglePoint said the acquisition enables it to enter the Indian mobile advertising market, by serving content owners, mobile operators and brands agencies. M2Junction is based in Dallas with significant operations in Hyderabad, India. In a release, SinglePoint’s new CEO Gowri Shankar, said: “India is the fastest growing SMS market in the world with an incredible mobile advertising opportunity…M2Junction has been SinglePoint’s preferred global partner and is a perfect collaborator for our entry to India.”
Last week, SinglePoint sold its assets that enable it to send premium and standard text messages in the U.S. to Ericsson (NSDQ: ERIC) in order to better focus on the mobile advertising opportunity in text messages. At the time, SinglePoint pledged to get into international markets, where it did not currently have a presence, so it can scale the business. Shankar reasoned that mobile advertising in text messages will continue to be a big opportunity in developing countries: “Especially, once you have a global footprint, smartphones won’t penetrate some markets very quickly—there in lies the opportunity for us.”
Dayakar Puskoor, Chairman of M2Junction, will join the SinglePoint board of directors as a strategic advisor and help guide the company’s strategy in India. Raghu Kumar, M2Junction’s former CEO, will lead the Indian subsidiary of SinglePoint and report to Shankar.
Posted In: Advertising, Mobile, Money, M&A & Venture Capital, Mergers & Acquisitions, Countries, Asia, India, m2junction, singlepoint
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