Microsoft acquires 37% stake in Oxigen

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New Delhi, Jan 23 (UNI) Software giant Microsoft Corporation today acquired 37 per cent stake in city-based IT enabled service provider Oxigen Services India Pvt Ltd.

''By partnering with Microsoft, Oxigen expects to expand its business rapidly in the virtual payments and distribution space using Microsoft's web and mobile-based technologies, as well as getting access to Microsoft's advertising services. Microsoft will add strategic value to Oxigen's business'' Oxigen CMD Pramod Saxena said.

Oxigen's primary focus is mobile recharge, subscriptions, billing and payments through electronic distribution. The 160 million dollar company has 50,000 touch points, which it intends to grow to 2,50,000 by 2010.

The company is also eyeing other verticals like utility services, insurance, travel, cinema, gaming, applications and video content that will be launched shortly on its web and mobile solution, 'Oxicash', a virtual wallet.

The company is an IT enabled multi services platform and distributor of recharges, prepaid subscriptions and bill payments.

''Oxigen is a neutral payment service provider and can be accessed universally across all platforms for the convenience and a unique mega mart like experience to consumers,'' the CMD said.

UNI PDT MP BD1923

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