Truecaller acquires CallHero for $4.5 million

Sweden-headquartered Truecaller on Thursday said it has entered into an agreement to acquire the Israeli company CallHero that helps users verify and answer calls with the help of a digital assistant,

Sweden-headquartered Truecaller on Thursday said it has entered into an agreement to acquire the Israeli company CallHero that helps users verify and answer calls with the help of a digital assistant, a Smart Agent.

The agreed purchase price amounts to $4.5 million, of which $2.6 million will be paid in cash upon completion of the acquisition and $1.9 million through newly-issued shares in Truecaller, the company said in a statement.

It added that the purpose of the issue of new shares is to strengthen the long-term commitment to Truecaller for certain key persons at CallHero. “In addition, a potential additional purchase price of a maximum of $2 million will be paid, provided that certain goals are achieved for a period of up to four years after the transaction is completed,” it said.