Mahindra Comviva announced its deal to acquire a controlling stake in Advanced Technology Solutions (ATS), a provider of mobility solutions to the telecom industry in Latin America.
Financial details of the deal were not disclosed.
ATS works with telecom network operators such as AT&T, Claro, Entel, Nextel, Oi, Telefonica, TIM, Vivo, etc.
Mahindra Comviva is targeting a 500 percent growth in revenue over the next three years from the Latin America region. This can be attributed to its strong focus on research and development in mobile payments, analytics and other mobility solutions.
“We expect Latin America to contribute over 15 percent of Mahindra Comviva’s global revenue over the next three years,” said Manoranjan ‘Mao’ Mohapatra, CEO, Mahindra Comviva.
The 24-year old Latin American company — under the aegis of CEO Jorge Brunfman — provides mobility solutions to telecom operators in Argentina, Brazil, Mexico, Colombia, Peru, Ecuador, and five countries in Central America.
Mahindra Comviva works with telecom operators in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Guyana, Curacao and Peru.
Mahindra Comviva has witnessed an increasing demand for its mobile money, prepaid recharge, analytics, messaging and mobile data solutions in the Latin American region.
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