Ozonetel Systems acquires speech recognition vertical of Yantra Software
Ozonetel says the stock and cash deal gives it access to Yantra’s intellectual property, technology and customers
Mumbai: Ozonetel Systems Pvt. Ltd, a Hyderabad-based cloud communications company, on Tuesday said it has acquired the speech recognition business of Yantra Software, a provider of speech and voice technology products and services. Ozonetel said the stock and cash deal gets it access to Yantra’s intellectual property, technology and customers.
“Speech technology is very expensive. Other market leaders provide this service for anywhere between $400- $1,000 per channel. With Yantra on board, we are looking at integrating their software with our cloud platform for providing quality services at a lower cost,” Murthy Chintalapati, founder and chief executive officer, Ozonetel Systems, told Mint over the phone.
Ozonetel Systems was started in 2007 with a seed capital of $2 million. The company broke even early this year. It had an annual recurring revenue (ARR) of $2 million in the previous fiscal year and provides its services to 400 enterprises. The company launched its services in the US and Singapore three months ago, and is looking to enter other South East Asian countries by next year. It aims to touch Rs.25 crore in revenue this fiscal year.
Chintalapati also said that the company is looking to make the speech technology available on cloud so that it can be easily integrated with mobile, desktop or any other interactive voice response system. This would be a pay-as-you-go model. With this acquisition, the company will roll out its speech services for clients and is also expecting revenue flows from the next quarter.
As reported by Mint last month, Gurgaon-based Knowlarity Communications Pvt. Ltd, a cloud telephony company, which operates in a similar space as Ozonetel Systems, raised $16 million.
The company is eyeing multiple acquisitions both in India and abroad, and it looks to expand its presence in emerging markets and reach a target of Rs.75 crore revenue by end of this fiscal.