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Exotel buys voice-based social media startup Croak.it for undisclosed sum

Despite all the hype about textual instant messaging, it appears that voice will continue to carry its weight in business communication.

One sign of that is Bangalore-based cloud telephony firm Exotel acquiring Croak.it, a social media startup in Singapore. The latter’s app allows users to share their thoughts and emotions using voice (which it calls “croaks”) instead of keying in the words.

Despite all the hype about textual instant messaging, it appears that voice will continue to carry its weight in business communication.

One sign of that is Bangalore-based cloud telephony firm Exotel acquiring Croak.it, a social media startup in Singapore. The latter’s app allows users to share their thoughts and emotions using voice (which it calls “croaks”) instead of keying in the words.

“This is the first acquisition for Bengaluru-based Exotel, which is targeting to achieve revenues of about Rs 185 crore in the next two years,” reports The Economic Times on its website.

The report quotes Exotel CEO Shivakumar Ganesan as having confirmed the deal. However, the purchase price or other financial details were not disclosed.

According to the ET report, Ganesan said there was a “good overlap” in what the two companies are trying to achieve. He asserted his belief in voice continuing to remain “at the centre of most business communications.”

Exotel replaces expensive communication hardware system with affordable cloud-based telephony solutions for customers like taxi aggregator Olacabs, bus ticketing site redBus and online lingerie retailer Zivame.

Croak.it is believed to help Exotel in serving its customers better. The company was founded a couple of years back by IIT Kharagpur alumni Protik Roychowdhury and Srinivasa Teja. The Croak.it app is claimed to have crossed over a million recordings and two lakh downloads on iOS.

Roychowdhury and Teja are expected to join Exotel and will also be working on an Android version, as Google’s platform is more popular in emerging countries like India.

The ET report quotes Croak.it investors as saying that the firm has evolved to serve niche markets like language learning and education in South America, US and Europe.

Singapore-based Pix Vine Capital is one of the investors in Croak.it!

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