Sweden-headquartered Truecaller said on Thursday it has entered into an agreement to acquire Israeli company CallHero that helps users verify and answer calls with the help of a digital assistant, a smart agent.
The agreed purchase price is $4.5 million, of which $2.6 million will be paid in cash upon completion of the acquisition and $1.9 million through newly issued shares in Truecaller, the company said in a statement.
It added that the new share issuance is intended to strengthen the long-term commitment to Truecaller for some of the key individuals in CallHero. “In addition, a possible additional purchase price of up to $2 million will be paid, provided certain targets are achieved, for a period of up to four years after the completion of the transaction,” it said.
CallHero supports the user in handling incoming calls with the help of AI-based call answering assistant. The conversation between the caller and the assistant appears in a text-based format, live in the app.
“This service will help our users prioritize what is relevant and important without talking. The technology that CallHero has developed greatly strengthens our offering in the US by integrating it into Truecaller, but our ambition is certainly to launch the service in all of our markets,” said Alan, CEO and co-founder of Truecaller Mamedi.
This acquisition will be financed through existing cash and newly issued shares in Truecaller AB.
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