Boku, Inc., the global leader in carrier billing and cross-platform mobile payments, today announced the acquisition of India's leader in direct carrier billing, Qubecell.
The acquisition of Qubecell provides Boku with direct carrier billing connections with four of the largest carrier networks in India along with a number of key local merchant relationships. This enables Boku's carrier billing technology to reach more than 75% of the country's mobile subscribers, roughly 550 million users. The acquisition also makes Boku the largest provider of direct carrier billing in India, and greatly expands Boku's footprint in Asia and the Middle East.
"India is a tremendously important, but notoriously difficult market for direct carrier billing. What Qubecell has built and the market leadership position they've acquired in such a short period of time is extremely impressive," said Jon Prideaux, Chief Business Officer for Boku.
"This acquisition is truly the joining of a market leader with a global leader to benefit customers and merchants throughout the region. Our plan is to leverage the resources built by Qubecell to create a regional hub for our company's global operation that will provide support for our merchant and carrier customers across Asia, the Middle East, and Australia while helping to continue our expansion into the emerging markets."
The acquisition provides Boku merchant partners with direct access to the large and growing market of online consumers in India. The agreement includes the purchase of all shares in Qubecell. All of Qubecell's employees will be joining the existing Boku organization with the Founder & CEO of Qubecell, Ranjan R. Reddy, joining as part of the leadership team in Asia.
"Boku is a company we've long admired at Qubecell and there is no greater compliment that can be given to our team than to be asked to join the global leader in carrier billing," said Ranjan R. Reddy, CEO of Qubecell.
"We have poured everything into building India's first pure-play carrier billing provider and look forward to continuing our commitment to expanding mobile payments in India and the surrounding regions under the banner of Boku."