iBus Networks and Infrastructure has acquired Ubico Networks from Shyam Group in an all-cash deal.
As per the agreement signed, iBus Group has acquired 100% stake in Ubico Networks, its in-building and in-campus neutral-host infrastructure business and all related assets, for around Rs 100 crore, the company said.
iBus CEO and MD Ram Sellaratnam said, “iBus is on a mission to empower telecom companies and its consumers in utilising the power of data as India gets ready to board the 5G bus.”
“Our data consumption pattern is one of the highest in the world. With Ubico’s acquisition, iBus Networks will lead the way in providing neutral IBS and DAS infrastructure sharing with mobile operators, enabling them to serve their customers seamlessly,” he added.
iBus CFO Heera Girish says that the combined entity of iBus and Ubico would lead to more consolidation in this space, delivering value and efficiency to all stakeholders.
Sanjay Kapoor who has been an advisor and investor to iBus since its early days, said, ”Unlike voice, 80% of data gets consumed indoors. Without effective in-building coverage both data monetisation and customer experience remain suboptimal.”
Ubico founders have completely exited the company while 33 employees of Ubico will be joining iBus. Post this acquisition, iBus will become one of the largest neutral IBS companies with a pan India presence covering every Tier 1 city in India.
Cipher Plexis was the exclusive advisor to the transaction.
Ubico Networks was founded in 2007 by brothers Udit Mehrotra and Nitin Mehrotra of Shyam Group. Ubico currently covers over 200 million sq. feet spread across 400 sites in 42 cities with an average tenancy of 1.5 spread across 600 buildings and campuses.
Ubico’s spread includes hotels, hospitals, IT parks, commercial office space, malls and educational institutes, with many leading real estate developers across the country.
iBus recently raised $21 million from Morgan Stanley India Infrastructure fund for its inorganic expansion and technology development of the platform.
iBus was founded by Sunil Menon, Subash Vasudevan and Ram Sellaratnam. It raised first round of funding in 2015 from Vallabh Bhansali, Chairman of Enam Capital and family offices of Naresh Nagpal and Sandeep Mehta.
iBus currently deploys IBS infrastructure across 233 commercial and retail sites in India that help mobile operators to improve network capacity and coverage.
