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 2021.
Founded in 2009, Reverie provides what it calls a language-as-a-service platform which enables organisations to create multilingual parallel versions of their mobile apps, web portals and digital content.
The software provides user-friendly keypads that facilitates text input in 22 Indian languages, in addition to multilingual speech-to-text technology that lets users interact with apps by speaking to them.
Qualcomm’s corporate venturing vehicle, Qualcomm Ventures, invested in Reverie in 2015 as part of a $4m series A round that included Aspada Investment Advisors.