Route Mobile is a cloud-based messaging platform. Masivian S.A.S ("Masiv"), a cloud communication platform service provider for Latin American companies, has been purchased by Route Mobile for $47.5 million.

"Route Mobile (UK) Limited, a wholly-owned subsidiary of Route Mobile Limited ("Route Mobile"), one of the leading cloud communication platform service providers to enterprises, over-the-top ("OTT") players, and mobile network operators, today signed definitive agreements to acquire Masivian S.A.S ("Masiv"), a cloud communication platform service provider catering to enterprises in Latin America (LatAm)," the company said in a statement released Saturday.

Payment will be made in stages, with the first tranche accounting for 63.16 percent of the entire purchase price. The second, third, and fourth payments, each equaling 12.28 percent of the total purchase cost, will be paid after 12, 18, and 24 months have passed after the transaction was closed.

The agreement includes a $2.5 million earnest money payment.

Masiv provides multichannel notification services to clients in Colombia and Peru via SMS, OTT business messaging, email, and voice. Route Mobile will benefit from this purchase as it expands its presence in Colombian markets.

"As creators of one of the world's leading CPaaS companies, one of our primary goals was to bring on a worldwide partner to help us build a stronger footing in Latin America and handle the foreign traffic that we have yet to reach." Route Mobile Limited's Managing Director and Group CEO, Rajdipkumar Gupta, stated, "We aim to be actively involved in Masiv's growth and extension of its portfolio."

The transaction is scheduled to be finalised within the next 60 days, subject to the satisfaction of normal terms and conditions of the definitive agreements, according to the statement.