Morgan Stanley Infrastructure fund-backed iBus Networks has acquired a 100 per cent stake in Chennai-headquartered High Speed Internet Access (HSIA) services firm Microsense Private Limited, according to sources aware of the transaction.
The deal is worth Rs 88 crore ($11.3 million as per today's exchange rates).
Microsense provides HSIA services to the hospitality sector. Its solutions cover data, entertainment, Internet, management, and software services. As per the company’s LinkedIn Page, Microsense is present across 20 major cities of India with an employee base of 350 people. Microsense also works with hospitality chains in USA, UAE, Sri Lanka, and Maldives. While a majority of its revenue comes from hospitality vertical, co-living and co-working industry, the company is also present in the malls and retail space.
Founded in 2013, iBus Networks provides indoor connectivity infrastructure and services to telecom companies, retail businesses and IoT companies. It offers in-building wireless solutions, outdoor small cells and other last-mile connectivity solutions to mobile operators. iBus’ client base includes Airtel, Vodafone Idea, Jio, INOX, FBB, Croma, Bloom Energy. The telecom infrastructure firm is present across 13 states in India.
In April last year, iBus raised Rs 150 crore from Morgan Stanley’s North Haven India Infrastructure fund. As per a statement at the time, iBus has deployed its infrastructure across 233 commercial, residential and retail sites in India with a tenanted area of 276 million square feet.
In the same month, iBus snapped up telecom firm Ubico Networks from Shyam Group for Rs 100 crore. The all-cash deal was done to strengthen its neutral in-building and in-campus network coverage capabilities. Ubico designs, deploys and maintains neutral shared in-building passive telecommunication infrastructure by means of distributed antenna systems.
Email queries send to iBus and Microsense did not elicit an immediate response. Story will be updated as and when they respond.
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