With this acquisition, Altruist enters the 3G data applications space and gains RelayStrategy's clients in the healthcare, finance, insurance markets. Altruist recently invested seed capital in a Mumbai-based mobile gaming startup Vegam for a minority stake.
Altruist will monetise RelayStrategy's technologies by creating and hosting India focused apps on app stores such as iTunes, Android Marketplace, Blackberry Store etc.
RelayStrategy is into technology and product development and also offers financial services. It builds mobile applications for Android, Blackberry and iPhone platforms. The company has offices in Washington DC, Pittsburg, and a development centre in Chandigarh, India. RelayStrategy's technology enables the delivery of 3G VAS across various smart phones through a quick deployment middleware which takes away the manual process of porting and transcoding for various devices.
Altruist's subsidiary Mobile2win expects to augment its position by building on the technology capabilities acquired from RelayStrategy.
Anuj Aggarwal, co-founder, and Managing Director, Altruist, said, "Over the past six months to one year, there has been a huge surge in the mobile data usage and this is likely to further leapfrog with the 3G roll outs getting in full swing. The Altruist group, with billing integrations with all telcos, is poised to pioneer the next wave of data applications built through the capability acquired from us. We will now be able to diversify our IT capabilities in high growth markets such as healthcare information technology."
"The acquisition by Altruist/Mobile2Win enables RelayStrategy to exponentially expand the market for its mobile and web-based products and services. We will provide cutting-edge mobile solutions for the Indian market," said Navneet Gosal, CEO and founder-promoter, RelayStrategy. Gosal is currently an adviser to India Venture Partners (IVP) and will continue to be part of the management of RelayStrategy to overlook the transition and integration process.
RelayStrategy runs a centre in Chandigarh, India, which will be integrated into Altruist group.