Affle India announced that its Singapore subsidiary, Affle International has entered into a definitive Share Subscription Agreement to acquire 8.0% ownership in OSLabs incorporated in Singapore. The acquisition will be completed before 25 July 2020. A total consideration of USD 2.86 million for 8.0% of ownership, will be paid on or before the date of closing of the agreement.

Indus OS is a mobile app and content discovery platform, operating “Indus App Bazaar” which is India's largest independent indigenous apps store. Indus OS platform is designed to help users discover digital content and services in the language of their choice. Utilizing its proprietary AI-driven app recommendation engine, Indus OS optimizes the user experience, delivering higher engagements and bringing app developers, smartphone brands and users on a single India centric platform.

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Affle India announced that the subsidiary of the Company has on 30 June 2020 completed the necessary closing conditions for acquisition of 66.67% shares of Appnext, and the company's step down subsidiary has completed the necessary closing conditions for acquisition of 100% Tech assets.

The closing for the remaining 28.33% shares and 5% shares of Appnext shall be completed within 3 years and 5 years respectively from this date.

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The company said that its wholly-owned Singapore subsidiary, Affle International, has entered into a definitive share purchase agreement to acquire 66.67% ownership in Appnext incorporated in Singapore (Appnext Singapore) immediately and options to acquire the remaining 28.33% shares and 5% shares of Appnext Singapore within 3 years and 5 years respectively from the closing of the share purchase agreement.

Further, Affle MEA FZ-LLC, a subsidiary of Affle International, has entered into an intellectual property (IP) purchase agreement to acquire 100% Tech IP assets of Appnext incorporated in British Virgin Islands (Appnext BVI).

A total consideration of $17.25 million for 66.67% of equity ownership and transfer of the Tech IP assets, will be paid over next 12 months from the date of closing of the agreements.

Appnext Singapore was incorporated on 17 March 2020. The carved out mobile discovery platform for app engagements, advertising and monetization, was transferred from Appnext BVI to Appnext Singapore from 1 April 2020. Post the transfer of business to Appnext Singapore, Appnext BVI has discontinued all its business operations including the business transferred to Appnext Singapore.

Appnext's app discovery and recommendation platform integrates with mobile handset manufacturers (OEMs) and apps developers to deliver app recommendations to mobile users globally. Appnext blends app recommendations as a service that integrates with the users' daily mobile journey.

This acquisition consolidates Affle's position in India, while providing a complementing presence in South East Asia and other International markets. It further strengthens our CPCU business model by transforming ads into app recommendations, enabling ROI-driven app engagements for the advertisers targeting both new and repeat users.

Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer engagement, acquisitions and transactions through relevant mobile advertising.

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Affle India announced the signing of definitive agreements to acquire full control of Appnext, 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 enables 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.

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