BackDexetra to be acquired by Alibaba backed Quixey
The deal is being facilitated by software product lobby group, iSpirt's, M&A Connect programme and is expected to close in a few days
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Mumbai: US-based Quixey, Inc. is acquiring Bengaluru-based Dexetra Software Solutions Pvt. Ltd., a mobile application company.
Quixey, which owns and operates a search engine for mobile applications, is backed by Alibaba Group Holding Ltd. It raised $50 million from Alibaba this year.
The news was first reported by nextbigwhat.com, a technology business news portal, on Thursday.
A person familiar with the development said that the deal is being facilitated by software product lobby group, the Indian Software Products Industry Roundtable, or iSpirt’s, M&A Connect programme and is expected to close in a few days. “The companies will be making an official announcement," the person said, requesting anonymity.
Sharad Sharma, co-founder, iSpirt and Sanat Rao, partner M&A at iSpirt, declined to comment on the deal.
iSpirt’s M&A Connect programme helps connect US companies with Indian start-ups for venture investments and mergers and acquisitions. As part of this programme, they also offer Indian start-ups who have received M&A interest advisory support for the acquisition process.
Dexetra, which launched voice recognition app Iris for Android phones in 2010, was founded by Narayan Babu, Nithin John, Binil Antony and Aibin Varghese in 2010 and raised $1 million from Sequoia Capital and Qualcomm Ventures in February 2013. It had also raised individual (angel) funding from One97 Communications Ltd. in 2011.
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