The stock is currently trading at Rs1,532.95, up by Rs51.45 or 3.47% from its previous closing of Rs1,481.50 on the BSE.
Affle will initially acquire 66.67% equity ownership in Appnext Singapore, with a clear path to acquire 100% equity ownership upon attainment of mutually agreed growth targets.
Appnext’s app discovery and recommendation platform enable top mobile handset manufacturers (OEMs) and apps developers to deliver personalized app recommendations to mobile users globally. Appnext blends app recommendations as a service that integrates seamlessly with the users’ daily mobile journey.
Utilizing its proprietary ‘Timeline’ technology, Appnext predicts which apps the users are likely to use next. With 300 million daily active users, 20+ on-device daily interactions through strategic OEM partnerships and 60,000+ apps, Appnext is the leading independent app recommendation platform delivering over 4 billion app recommendations per day.
Commenting on this development, Anuj Khanna Sohum, the Chairman, MD and CEO at Affle said “We are excited to welcome the Appnext team on-board as we strengthen our foundation for Affle's next phase of growth journey. Affle2.0 will focus on building sustainable market leadership in India as well as enhancing our competitive advantage globally through our technology innovations. The Appnext platform transforms ads into app recommendations as a service for consumers and thus strengthens our CPCU business model by enabling greater ROI for advertisers. We value the platforms and the ecosystem enabled by Appnext, and look forward to growing that together now!”