AnandTech is reporting that SoftBank has bought Indian software giant Anandtech for $1.5 billion.
The acquisition is expected to create a new software company called AnandSoft, which will focus on mobile applications and a host of other products.
The company will also merge with Anand, a division of SoftBank’s SoftBank Group, to create the new company.
SoftBank is already in talks with SoftBank Media and Anand for a deal to develop a video streaming app.
Anand is India’s second-largest software company after SoftBank.
SoftBank’s acquisition of Anand will not impact SoftBank in India, which is expected in 2019.
Anand, which has more than 1,000 employees, has developed and shipped more than 3,000 apps for consumers and businesses in India.
It has built a strong business in the Indian market, which it said has grown from $300 million in 2013 to $1 billion in 2019, up from $75 million in 2012.
SoftBank, however, has struggled in recent years to expand its market share in the country.
A survey conducted in 2014 by the McKinsey Global Institute found that Anand’s revenue per user had dropped from $13.42 in 2014 to $9.83 in 2019 and that its revenue per employee had fallen from $6.71 to $3.18 in the same period.
However, the firm said in a statement on Tuesday that it will invest more than $1 trillion over the next five years in India’s digital economy.