Tanla Solutions Ltd (“Tanla”) (NSE: TANLA) (BSE: 532790) today completed the acquisition (“Acquisition”) of 100% shareholding of Karix Mobile Pvt Ltd (“Karix”) and its wholly owned subsidiary Unicel Technologies Pvt Ltd (“Unicel”) from Banyan Investments Ltd (“Banyan”), a company owned by funds affiliated with GSO Capital Partners L.P. (“GSO”).
As a result of the Acquisition, Karix has become a wholly owned subsidiary of Tanla (and Unicel will remain a subsidiary of Karix), effective April 10th, 2019.
As a result of the Preferential Allotment to Banyan, Banyan will hold an observer seat on Tanla’s Board of Directors.
Tanla announces the appointment of Mr. Alex Howell (Managing Director at GSO) as observer on Tanla’s Board. Alex is an alumnus of London School of Economics and brings with him more than 14 years of rich experience in financial markets in a number of areas such as M&A, leveraged & equity financings and public credit markets, having previously worked at Lehman Brothers, Nomura, and (since 2012) GSO.
Commenting on the closure, Mr. Uday Reddy, the CMD of Tanla said:
“Tanla’s acquisition of Karix is a landmark event in Indian telecom history, bringing together two of the most influential players in the Cloud Communication ecosystem. The combined teams are fully energized to demonstrate substantial innovation and value-addition to delight stakeholders. The combination gives rise to exciting opportunity for shrinking processes, timelines and costs.”
Mr. Alex Howell added, “We look forward to this exciting new phase of growth of the combined entities and look forward to Tanla developing into a leader in Cloud Communications.”
Tanla started its journey as the new millennium set in with a small group of mobile messaging experts, with base in Hyderabad, India, to create a world-class messaging service. Today, Tanla is a global leader in its domain as one of the largest Cloud Communication providers, handling over 90 bn business communications annually. Tanla is innovating the way the world communicates, continuously raising the bar through enhanced speed, ease and simplicity of Cloud Communication solutions, adopting cutting-edge technologies to meet the discerning needs of a diverse clientele, from enterprises to carriers across geographies. Tanla is a public limited company listed on leading Indian stock exchanges (NSE: TANLA, BSE: 532790).
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