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Altruist Technologies acquires analytics startup, iConnectiva, to enhance its product portfolio
Chandigarh headquartered Altruist Technologies has acquired a Kolkata-based mobile fraud management and data analytics startup, iConnectiva. The deal has been valued between Rs 370 million -420 million in cash. As a part of the deal, the 100 employees at iConnectiva will join Altruist, increasing the latter's talent pool to 550 people.
iConnectiva helps large telecom players such as Bharti Airtel, Etisalat and Zain Group prevent phone frauds like SIM card cloning, Ponzi schemes, fake lottery and payment-related frauds. It also helps its clients predict hidden insights like customer usage trends and requirement by analysing vast amount of data. The company works with mobile operators across 35 countries in the Middle East, Africa, Europe and Asia.
The deal will allow Altruist to offer the product to its 70 customers including British Telecom, Reliance Communications and Vodafone India. iConnectiva is the sixth company that Altruist has bought, taking the total amount spent on acquisitions to about Rs 2.45 billion. In August, it acquired Bubble Motion, a celebrity blogging company with rights to voice blogs of over 1,000 celebrities across Asia.
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