Wavecell, a cloud-communications platform for companies in Southeast Asia, announced today that it has been acquired by 88 in a deal worth about $125 million.
The acquisition will help San Jose, California-based 88 expand in Asia, where Wavecell already has offices in Singapore, Indonesia, the Philippines, Thailand and Hong Kong.Wavecells cloud API platform, which includes SMS, chat, video and voice messaging, is used by companies such as Paidy, Lalamove and Tokopedia.
It has relationships with 192 network operators and partners like WhatsApp and claims its infrastructure is used to share more than two billion messages each year.The terms of the deal includes $69 million in cash and about $56 million in 88 common shares.
Founded in 2010, Wavecells investors included Qualgro VC, Wavemaker Partners and MDI Ventures.In a prepared statement, 88 CEO Vik Verma said 88 is now the only cloud provider that owns the full, global-scale, cloud-native, technology stack offering voice, video, messaging, and contact center delivered both as pre-packaged applications and as enterprise-class APIs.
Were excited to welcome the Wavecell employees to the 88 family.
We now have a significant market presence inAsia and expect to continue to expand in the region and globally in order to meet evolving customer requirements.