Microsoft acquires 35% stake in Oxigen

New Delhi, Jan 23 (UNI) Software giant Microsoft Corporation today acquired 35 per cent stake in Oxigen Services India Pvt Ltd for about eight million dollars.

Microsoft will invest about eight million dollars initially, according to company officials.

''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.

UNI PDT SR RN1628