Microsoft acquires 35-per cent stake in Oxigen
23 Jan 2008
New Delhi: Software giant Microsoft Corp. has acquired a 35-per cent equity stake in Oxigen Services India Pvt Ltd, for an undisclosed sum. South Africa's Blue Level Telecom, which held a 50-per cent stake in Oxigen will now have a reduced 35 per cent stake after the Microsoft deal
Oxigen, an IT enabled multi services platform and distributor of recharges, prepaid subscriptions and bill payments, expects the deal to aid a rapid expansion of in the virtual payments and distribution segments using Microsoft Web and mobile-based technologies, as well as gaining access to Microsoft's advertising services, Pramod Saxena, chairman and managing director, Oxigen Group told reporters in New Delhi today.
Saxena also said that the two companies would provide mutual assistance to each other in exploring new business opportunities.
The acquisition is part of Microsoft's unlimited potential group's efforts creating new products and programs using Microsoft products.
Peter Mansour, general manager of business development and strategy at Microsoft. "Microsoft has been active in building services and technologies to support the growth of mobile communications for many years, and we believe our alliance with Oxigen will be a win for the many consumers both companies serve."
Oxigen would work as a preferred partner with Microsoft to drive services and products in developing economies and explore new business opportunities, within and outside the country.
