Singapore-based consumer intelligence firm, Affle India, has acquired the brand, re-targeting and push notification businesses and technology platform of Bangalore-based advertising technology (AdTech) startup Vizury in an all-cash deal estimated at about $10 million, a month before Affle India is ready for Rs 650-crore public offering (IPO), reported Economic Times (ET).

Although an official announcement from either of two companies is still awaited, Vizury website's 'about us' webpage is redirecting to website's 'About Us' webpage.

The ET report further stated that all product, technology, sales, marketing, account management and related team members of Vizury will now join Affle, as part of the acquisition deal. The deal is believed to have closed earlier this month, said the report citing two sources privy to the developments.

Founded in 2008, by Chetan Kulkarni, Gourav Chindlur and Vikram Nayak, Vizury counts a number of well-known investors as its backers including Intel Capital, Ascent Capital, NGP Capital and Inventus Capital Partners. It is to be noted that post this acquisition the investors are not exiting Vizury. It is thus unclear as how (and how much) the investors are earning from the transaction.

In April this year, Vizury changed its name to Lemnisk which, according to the company, is world’s first growth marketing platform for financial services that improves customer engagement and conversions for financial services marketers by orchestrating hyper-personalized experiences.

The acquisition, which is being done by Affle's Indian arm, will allow Vizury (now Lemnisk) to turn its focus primarily on to its financial services sector.

Vizury works with some of the largest global brands including Prudential, HDFC Bank, Axis Bank, Royal Group, CIMB Bank, Etihad Airways, Jet Airways, MetLife, Bupa and Emirates NBD Bank.

Vizury has offices in Dallas, San Francisco, Jakarta, Dubai, Bangalore and Singapore. Vizury is an ISO 27001 & ISO 27018 certified company.

Notably, it was four years back when Vizury last raised $16 million Series C funding round led by Intel Capital with participation from Ascent Capital and existing investors, Nokia Growth Partnersand Inventus Capital Partners, in June 2014. The total funds raised by Vizury is $27 million. Ojas Ventures is also an investor in the startup.

In November 2015, Vizury laid-off about 100 of its employees in three cities in order to pivot its business model to a data management platform (DMP) business.

Affle India, which is a subsidiary of Singapore-headquartered Affle Holdings, has filed draft papers prospectus with markets regulator Sebi, accoding to which the proposed IPO will involve fresh capital raise of Rs 90 crore and an offer for sale of 55 lakh shares by the existing shareholders.

The price band of the issue is expected to be announced next month. The lead book managers of the upcoming IPO are ICICI Securities and Nomura Financial Advisory and Securities.

Affle Holdings also counts prominent name among its investors including - Microsoft, D2C, the digital advertising and marketing company established jointly by NTT DoCoMo, Dentsu, and NTT Advertising, Japanese conglomerate Itochu, private equity firm Centurion Investment Management and BCCL.

[Top Image - Co-founders of Vizury (L-R) - Vikram Nayak, Chetan Kulkarni, and Gourav Chindlur | Via -]

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