VAS player, One97 picked 25% stake for about
Rs 100 crore Rs 10 crore in Singapore-based smartphone security applications developer, tenCube reports the Economic Times.
“We have made a strategic investment in the company. We have a dedicated fund to carry out our investment ambitions and may see more such deals in the coming months,” One97 Communications MD, Vijay Sharma told the Economic Times.
tenCube has strong presence in US and Europe market with global operators Telenor and Singtel using its flagship product WaveSecure.
One97 is also present in the smartphone applications market. Its existing partners in the segment include BlackBerry and Nokia.
Last year the company had received investments worth $10-$15 million Intel Capital and Silicon Valley Bank (SVB). It aims to achieve revenues of $ 100 million by 2010.