Once the mutually-agreed growth targets are met, Affle’s equity ownership in the platform will rise from the current 66.67% to 100%
Affle (India) Limited through its subsidiaries (“Affle”), today announced the signing of definitive agreements to acquire full control of Appnext Pte. Ltd., Singapore and 100% IP of Appnext app discovery and recommendation platform with immediate effect. 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 the 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!”
Talking about it, Elad Natanson, the Founder of Appnext commented“We are thrilled to join forces with Affle in this exciting journey. Over the years, Appnext has built a robust platform that is deployed by leading global OEMs, on-device partners and thousands of apps. India and SEA are our biggest business markets and we are proud to have been recently ranked amongst the leading discovery platforms in these incredible regions. This deal would allow us to further strengthen our position and provide us a greater platform for global growth.I would like to thank our team, customers and partners for their continued support, and looking forward to our long-term collaboration together with Affle.”