A Reliance Industries subsidiary has agreed to buy the Qualcomm-backed multilingual technology developer in a cash deal worth $28.6m.
Diversified conglomerate Reliance Industries has agreed to acquire a majority stake in Reverie Language Technologies, an India-based language technology developer backed by chipmaker Qualcomm, for Rs 1.9bn ($28.6m), Business Standard has reported.
Reliance subsidiary Reliance Industrial Investments & Holdings will manage the acquisition and will invest up to $10.8m in Reverie following the close of the deal. It is set to hold an 83.3% equity stake in Reverie following the total investment, which is set to be completed by March…
