US Firm Buys Messaging App maker Cooltok for .` 60 crore
In addition to patented tech, Kirusa is also buying out Cooltok’s team
New Jersey-based Kirusa, which develops technology to support voice messaging in emerging markets has acquired Bangalore-based messaging app maker Cooltok in a deal valued at close to $10 million (.`60 crore).
Cooltok’s messaging appli- cation adds a group conferencing feature to the service offered by popular cloud telephony app Viber. When two users of Cooltok are within a data range, the call switches from GSM to the internet, one of the standout features of the product built by the two-year-old company. “The IP-based technologies that we developed for mobile apps, when combined with the product portfolio of Kirusa, will enable us to address a huge opportunity going forward,” said Sreenivas Karanam, founder and CEO, Cooltok. In addition to Cooltok’s patented technology, Kirusa is also buying out Cooltok’s team. The bootstrapped company, comprising six members, developed the application in a period of nine months. Thomas Mathew, 34, cofounder of the company said that venture firm Accel Partners had flagged them as a potential acquisition target for Kirusa when Cooltok was looking for funding in January.
Kirusa’s to emerging countries, where often users do not have full-time access to the internet. Kirusa,
Once the acquisition is complete, Cooltok’s team of six members will join Kirusa’s office in Bangalore
through its partnership with over 35 carriers around the world, allows users to listen to all voice messages for free, even if the sender belongs to another carrier. The solution is currently used by 80 million mobile users in four continents. Once the acquistion is complete, Cooltok’s team of six members, including CEO, and co-founders Prakash Kaja and Mathew, will join Kirusa’s office in Bangalore. The conversations regarding acquisition started in January, and the deal closed on Monday, said Matthew. Kirusa, in a press release on Monday, said it will continue with its acquisitive streak.