BPO transport service provider Wings Travels has closed the acquisition of taxi aggregator Bookmycab for an undisclosed amount. The acquisition is part of Wings Travels’ plan to strengthen its technology and expand business to 47 more cities in India, Myanmar, Thailand, Vietnam and Sri Lanka.

• The combined entity will be rebranded as Wings Bookmycab.
• Wings Travel, which provides transport services to over 10 lakh employees of top multinational and Indian companies across nine cities, has been considering buying a technology company for developing its own mobile app, which would aid its expansion plans into retail and staff travel market.
• With this deal, two of the biggest investors in Bookmycab — YourNest Angel Fund and Contrarian Drishti Partners — have become the first external investors in Wings. “With this acquisition, we see an opportunity to play a positive role to build a significant billiondollar tech-leveraged transportation company.

Did You Know?

• Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined.
• As an aspect of strategic management, M&A can allow enterprises to grow, shrink, change the nature of their business or improve their competitive position.
• From a legal point of view, a merger is a legal consolidation of two entities into one entity, whereas an acquisition occurs when one entity takes ownership of another entity’s stock, equity interests or assets.