One97 has acquired 25% stake in tenCube, the company behind WaveSecure product.
The 25% stake, acquired for Rs. 100 crore (as ET mentions, though the number doesn’t look realistic) will help One97 tap the fast-growing smartphone-related services market in India and launch the security solution in the country (via).
WaveSecure is a mobile security solution, that allows users to protect data on their phones, ensure privacy in the event of loss of phone and enhances the possibility of recovering the phone.
One97 is looking to partner with telecom operators to bundle the WaveSecure application with telco’s services; and also plans to expand to other markets by using tenCube’s market presence.
One97 Communications (www.one97world.com) has made a strategic investment in Singapore based tenCube, the company behind the popular and critically acclaimed mobile security service WaveSecure (www.WaveSecure.com).
WaveSecure offers users complete protection for their mobile device, data and privacy. It enables users to remotely lock, track and locate lost phones, get a copy of their data securely backed up, and remotely wipe data off the phone to protect privacy. WaveSecure is a popular service that has been adopted by users in more than 130 countries, and has received numerous recognitions, most notably being a Top 3 winner at Google’s recent Android Developer Challenge.
This deal gives One97 an entry into the rapidly growing mobile application market, which is a key area of interest for mobile operators and handset manufacturers, and has emerging robust business models via direct download channels such as application stores.
“Device apps is the logical extension from our leadership in Cloud-based telecom applications and services” said Vijay Shekhar Sharma, Managing Director, One97 Communications. “tenCube’s young team has created an offering with impeccable value proposition for today’s smart phone generation. Our investment in tenCube is in line with our focus on entering into new areas of growth through investments and acquisitions.”
Darius Cheung, CEO, tenCube adds, “More important than the financial resources, One97 will also provide strategic access to key Asian markets that will enable us to take the product and business to next stage, as well as the expertise to help us scale from a startup to a global business. We believe that our team’s strength and razor sharp focus in mobile security is in great synergy with One97 vast management experience, resources and support infrastructure, and together, we will be able to revolutionize the mobile industry on a global scale”.
The investment will give One97 priority reseller rights for WaveSecure in multiple geographies including India. WaveSecure as a popular Smartphone service, is also an excellent entry strategy for One97’s portfolio of products for developed markets like Europe and North America. The strategic investment will enhance One97’s capability in the design, development and go-to-market in the mobile applications space.
One97 Communications has previously invested in mobile advertising start up Oorja Mobile Services Pvt Ltd as well as incubated PayTM and oc2ps, a mobile commerce initiative and social networking platform respectively. One97 works with telecom operators offering Value Added Services – music download, application discovery, self-care, customer communication, content provisioning, subscriptions alerts and ring back tones. These services are available across all Indian telecom operators and are used by over 300 million telecom consumers. One97 was named the Emerging Company of the year by Voice and Data and was rated a Top 10 Fastest Growing Indian company in Deloitte Fast 500. The company’s has sustained growth at 428 percent CAGR.
Watch WaveSecure’s intro video
Read: Mobile Handset Market in India – The Great Indian Growth Story