Sinch AB (publ): Sinch Expands to India Through Acquisition of ACL Mobile
Sinch AB (publ), a global leader in cloud communications for mobile customer engagement, has entered into a definitive agreement to acquire ACL Mobile Limited for a total cash consideration of INR 5,350 million. Using the current INR/SEK exchange rate of 8.17, this corresponds to SEK 655 million.
Founded in 2000, ACL Mobile is a leading provider of cloud communications services in India and Southeast Asia. Its platform enables businesses to interact with their customers through multiple channels including SMS, voice, email, IP messaging, and WhatsApp. The company serves more than 500 enterprise customers and is particularly successful in the Banking and Financial Services industry, where ACL’s proprietary Axiom platform offers intelligent routing and granular access controls that specifically caters to the stringent security requirements of demanding financial institutions. Leading financial institutions who rely on ACL technology include HDFC Bank, ICICI Bank, Kotak and IndusInd Bank. Customers in other segments include a wide range of businesses such as Amway, Flipkart, MakeMyTrip and OLX. The company employs 288 people with headquarters in Delhi and overseas offices in Dubai (UAE) and Kuala Lumpur (Malaysia).
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“With ACL we gain critical scale in the world’s second largest mobile market. We gain customers, expertise and technology and we further strengthen our global messaging product for discerning businesses with global needs”, comments Sinch CEO, Oscar Werner.
Sinch has forged a strategy to grow the company through both organic and inorganic means. A long-term focus on profitability and cash flow makes Sinch well placed to continue and execute this strategy also in times when overall macroeconomic conditions are unfavorable.
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India is the world’s second largest mobile market with a population exceeding 1.3 billion. It is a fast-growing, mobile-first economy that benefits from rapid digitalization and rising smartphone penetration. Economic growth and government initiatives for greater digital inclusion is also driving increased use of financial services, a development that fuels demand for transaction notifications via SMS.
Beyond exposure to a vast and expansive domestic market, the acquisition of ACL Mobile also adds further reach to Sinch’s global Tier 1 Super Network. Sinch can leverage ACL’s direct connections to mobile operators in India, Malaysia and UAE and offer end-to-end connectivity, without unnecessary middlemen, to demanding global businesses around the world.
“Together with Sinch we are scaling up to become one of the leading global players in our industry. I’m excited about this next chapter and the many new opportunities that we can pursue together”, comments Sanjay K Goyal, Founder and CEO of ACL Mobile.
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