ZAGREB, November 11, 2020 — Infobip, the first Croatian unicorn startup, is buying the OpenMarket SMS messaging platform from US corporation Amdocs for $300 million. They have already signed the sales contract.
However, US regulators still have to approve the sale. This is Infobip’s first acquisition and represents a major step forward in the US market. This is where it wants to launch an IPO within the next three years.
Shuky Sheffer is the president and CEO of Amdocs Corporation, owner of OpenMarket. She confirmed the news in an address to shareholders upon the release of their quarterly financial results.
“Amdocs plans to continue to focus on 5G and cloud business by signing an agreement to exit ownership of OpenMarket. This is a cash sale with Infobip for approximately $300 million. In addition, One Equity Partners is the main institutional investor in Infobip. We have, therefore, left all segments that are not our core business,” explains Sheffer.
Andrej Mandas of Infobip Confirms Deal With OpenMarket: Details Soon
Infobip also confirmed the investment, according to novac.hr.
“We can confirm we have signed an OpenMarket purchase agreement with the seller, Amdocs. Now we are currently final details and will release more information today during the day,” reveals Andrej Mandas of Infobip.
OpenMarket performs a similar function as Infobip. It is a cloud platform for sending SMS, MMS, RCS and short codes. The company, employs about 300 workers at six locations. Those inclued the US, Mexico, the United Kingdom, Australia and India. OpenMarket has a revenue of about $200 million. According to available data, OpenMarket also has access to more than three billion users and six billion devices worldwide. More than 400 companies use the services of the Seattle-based company.
Croatian Unicorn Company Had 602 Million EUR Revenue in 2019
Infobip had revenue of 602 million EUR last year with a growth of 38 percent. Currently, the Croatian company has more than 2,500 employees on six continents and continues to grow. This summer, the investment fund One Equity Partners invested $200 million in the company. They also estimated the value of the Croatian company at more than $1billion.
Infobip’s plan is to go public on NYSE by 2023, through expansion into the US market and acquisitions. Two weeks ago, it acquired two new board members: Gregor Potoča for income and Aleksandra Raić for transformation and human resources. The first moved to Infobip from SAP, and the second from Croatia Osiguranje and Teva. Furthermore, with this growth rate, Infobip will likely become the largest Croatian company within a few years — even bigger than INA and Forten.