Affle India today announced the signing of definitive agreements to acquire full control of Appnext Pte. Ltd., Singapore and 100% IP of Appnext app discovery and recommendation platform with immediate effect.

Affle will initially acquire 66.67% equity ownership in Appnext Singapore, with a clear path to acquire 100% equity ownership upon attainment of mutually agreed growth targets.

Appnext’s app discovery and recommendation platform enables top mobile handset manufacturers (OEMs) and apps developers to deliver personalized app recommendations to mobile users globally.

Appnext platform transforms ads into app recommendations as a service for consumers and thus strengthens Affle’s CPCU business model by enabling greater ROI for advertisers.

The market is happy with this development as the stock price, in the early morning trades rose briefly 5% at Rs.1555.55, which is also its 5% UC of the day, while volumes surged over two times. It is currently hovering around Rs.1536 levels.