Truecaller, the leading global platform for verifying contacts and blocking unwanted communications, has entered into an agreement to acquire the Israeli company CallHero (www.getcallhero.com). CallHero has developed a unique technical solution for both Android and iPhone, with an AI-enabled assistant. CallHero’s assistant can answer calls for you in a natural language, take messages for you and even block your calendar. The feature will be integrated into Truecaller in a phased manner.
“CallHero gives the user intelligent support in handling incoming calls with the help of an AI-based assistant who answers the call. The conversation between the caller and the assistant is visible in text-based format, live in the app. This service will help our users prioritize what is relevant and important without having to talk. The technology that CallHero is going to strengthen our offering. The service will start in the US first since that’s where CallHero operated but our ambition is of course to roll out the service in all our markets, including India. CallHero today has a well-developed advanced functionality for iPhone users, which is important in the western world, but also a valuable complement to our work to make Truecaller more efficient and user-friendly for both iPhone and Android users worldwide,” said Alan Mamedi, CEO and Co-founder of Truecaller.
The agreed purchase price amounts to USD 4.5 million, of which USD 2.6 million will be paid in cash upon completion of the acquisition and USD 1.9 million through newly issued shares in Truecaller. 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 USD 2 million will be paid, provided that certain goals are achieved for a period of up to four years after the transaction is completed. Completion of the acquisition is subject to customary closing conditions and is expected to be completed during the first quarter of 2022. The acquisition will be financed through existing cash and newly issued shares in Truecaller AB. The acquisition is primarily a technology and competence acquisition and is not considered to have a material impact on the results in 2022.