Kaleyra, Inc. (KLR), which provides mobile communication services to large enterprises, announced that it has acquired Bandyer, a cloud-based multimedia communication services provider, for an undisclosed amount.
Following the news release, shares of the company dipped 1.7% to close at $12.20 in Thursday’s trading session.
With this buyout, Kalreya will be able to integrate Bandyer’s dynamic portfolio of products, which includes the latest video communications technologies. Further, Bandyer’s dual advantages of not requiring to download any software and customization complement Kalreya’s product offerings and give a seamless experience to its customers.
CEO of Kalreya Dario Calogero said, “Bandyer’s deep experience serving banks and insurance companies pairs perfectly with Kaleyra’s strength in the financial services industry, and they have been an incredible partner for Kaleyra in the last year. Their unique product offering matches the security, reliability, and needs of highly demanding customers, like BFSI organizations and healthcare institutions, and enhances our positioning as the trusted CPaaS.” (See Kalreya stock chart on TipRanks)
On July 7, Northland Securities analyst Michael Latimore assigned a Buy rating to the stock with a price target of $29. The analyst’s price target implies upside potential of 137.7% from current levels.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The average Kalreya price target of $30.33 implies upside potential of 148.6% from current levels.
Kalreya scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform the market averages. Shares have gained 156.8% over the past year.
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