Getty ImagesBengaluru: Servify, a device lifecycle management platform, has acquired key businesses of Germany-based WebToGo, a provider for multichannel self-care and customer experience solutions for smartphones, tablets and laptops.
Following this acquisition, Servify will be adding two of WebToGo's solutions to its portfolio: a mobile device diagnostics suite 'myhandycheck' and 'wenewa', a solution that can remotely identify, diagnose and triage connected devices. WebToGo employees have also been absorbed into Servify. The company had about 40 people spread across Europe, United States and India.
Commenting on the Servify-WebToGo deal, the German firm's Founder CEO Peter Duesing said, "The whole world is undergoing digital transformation with each business trying to adapt to this change. Our integration with Servify will open up new avenues and usher in a new era of customer experience."
Founded in 2015, Servify provides white-label warranty and after-sales support products to leading original equipment manufacturers (OEMs) such as Apple, Samsung, OnePlus and Xiaomi. It also powers device exchange/buyback programmes for such brands.
The Mumbai-based firm also has tie-ups with retailers, distributors, insurers, service providers and telecom operators. Servify said it has over 43,000 retail locations and 16,000 service partners integrated with its digital platform. It currently has a reach across more than 50 countries, with subsidiaries in eight countries.
To be sure, Servify is scouting for more acquisitions to accelerate its international expansion and is currently in talks with a US-based startup and an India-based firm, Prabhakar said. The company has made 11 acquisitions so far, including Bengaluru-based gadget repair startup iService in 2019.
"We will not hesitate to make more acquisitions, especially for inorganic growth. However, we are not really looking at a topline growth with these acquisitions. It's more about expanding the team and the product capabilities," he said. "This year, we should have about 30-40% of our revenues coming from international markets and we anticipate that to increase to 70-80% in the next two years due to higher ticket sizes."
Servify also plans to expand beyond smart devices this year, to foray into other categories like consumer electronics and home appliances. "Until last year, we were predominately into smartphones and smart devices like tablets, phones, and watches, but I think this year, the key focus is to get into electronics and appliances. We have already done a few initial pilots in some markets like the United States."
In September last year, Servify had raised $23 million in a Series C funding round led by existing investor Iron Pillar, with participation from Blume Ventures, Beenext, Tetrao SPF and Trifecta Capital.
Following this acquisition, Servify will be adding two of WebToGo's solutions to its portfolio: a mobile device diagnostics suite 'myhandycheck' and 'wenewa', a solution that can remotely identify, diagnose and triage connected devices. WebToGo employees have also been absorbed into Servify. The company had about 40 people spread across Europe, United States and India.
The Servify-WebToGo deal was a cash-plus-equity transaction, Servify's founder Sreevathsa Prabhakar told ETtech but declined to comment on the acquisition size. "It was a very strategic fit for our product and people strategy. It will help us scale our business and presence in the Western markets" Prabhakar said.
Commenting on the Servify-WebToGo deal, the German firm's Founder CEO Peter Duesing said, "The whole world is undergoing digital transformation with each business trying to adapt to this change. Our integration with Servify will open up new avenues and usher in a new era of customer experience."
Founded in 2015, Servify provides white-label warranty and after-sales support products to leading original equipment manufacturers (OEMs) such as Apple, Samsung, OnePlus and Xiaomi. It also powers device exchange/buyback programmes for such brands.
The Mumbai-based firm also has tie-ups with retailers, distributors, insurers, service providers and telecom operators. Servify said it has over 43,000 retail locations and 16,000 service partners integrated with its digital platform. It currently has a reach across more than 50 countries, with subsidiaries in eight countries.
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To be sure, Servify is scouting for more acquisitions to accelerate its international expansion and is currently in talks with a US-based startup and an India-based firm, Prabhakar said. The company has made 11 acquisitions so far, including Bengaluru-based gadget repair startup iService in 2019.
"We will not hesitate to make more acquisitions, especially for inorganic growth. However, we are not really looking at a topline growth with these acquisitions. It's more about expanding the team and the product capabilities," he said. "This year, we should have about 30-40% of our revenues coming from international markets and we anticipate that to increase to 70-80% in the next two years due to higher ticket sizes."
Servify also plans to expand beyond smart devices this year, to foray into other categories like consumer electronics and home appliances. "Until last year, we were predominately into smartphones and smart devices like tablets, phones, and watches, but I think this year, the key focus is to get into electronics and appliances. We have already done a few initial pilots in some markets like the United States."
In September last year, Servify had raised $23 million in a Series C funding round led by existing investor Iron Pillar, with participation from Blume Ventures, Beenext, Tetrao SPF and Trifecta Capital.
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