Tata Communications Wednesday announced it has acquired 100 per cent stake in the Netherlands-based mobility and internet-of-things specialist firm Teleena.
"Tata Communications is the sole shareholder (in Teleena). We now own 100 per cent of Teleena," Anthony Bartolo, chief product officer, Tata Communications, said in a statement.
This acquisition follows Tata Communications' investment in Teleena in January 2017, when the company became the single largest shareholder in Teleena with a 35 per cent stake.
Tata Communications said Teleena's technology reduces the operational complexity and cost of mobility and IoT deployments for businesses.
"The acquisition is an investment in technology and talent to complement Tata Communications' growth strategy in the global mobility and IoT market," the statement said.
With this acquisition, Tata Communications will have full access to Teleena's technology portfolio, including its mobile virtual network enabler platform, its operational and business support system solution.
Teleena's customers will now transition to become Tata Communications' customers, and all Teleena employees will become Tata Communications' employees, the statement said.
"The growth rate in the global mobility and IoT market is phenomenal. By 2021, enterprises' spending on mobility alone is set to surpass USD 1.7 trillion. Our vision is to create an environment where anything can be 'born connected'," Bartolo said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)