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The company said that its wholly-owned Singapore subsidiary, Affle International, has entered into a definitive share purchase agreement to acquire 66.67% ownership in Appnext incorporated in Singapore (Appnext Singapore) immediately and options to acquire the remaining 28.33% shares and 5% shares of Appnext Singapore within 3 years and 5 years respectively from the closing of the share purchase agreement.
Further, Affle MEA FZ-LLC, a subsidiary of Affle International, has entered into an intellectual property (IP) purchase agreement to acquire 100% Tech IP assets of Appnext incorporated in British Virgin Islands (Appnext BVI).
A total consideration of $17.25 million for 66.67% of equity ownership and transfer of the Tech IP assets, will be paid over next 12 months from the date of closing of the agreements.
Appnext Singapore was incorporated on 17 March 2020. The carved out mobile discovery platform for app engagements, advertising and monetization, was transferred from Appnext BVI to Appnext Singapore from 1 April 2020. Post the transfer of business to Appnext Singapore, Appnext BVI has discontinued all its business operations including the business transferred to Appnext Singapore.
Appnext's app discovery and recommendation platform integrates with mobile handset manufacturers (OEMs) and apps developers to deliver app recommendations to mobile users globally. Appnext blends app recommendations as a service that integrates with the users' daily mobile journey.
This acquisition consolidates Affle's position in India, while providing a complementing presence in South East Asia and other International markets. It further strengthens our CPCU business model by transforming ads into app recommendations, enabling ROI-driven app engagements for the advertisers targeting both new and repeat users.
Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions and transactions through relevant mobile advertising.
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