Soprano Design acquires competitor Silverstreet to grow CPaaS footprint
Soprano Design, a global leader in the fast-growing communications platform as a service (CPaaS) market, has acquired Silverstreet, another leading CPaaS provider based in the APAC region, solidifying Soprano’s position as a top CPaaS solution provider globally and accelerating Soprano’s ambitious growth strategy.
The acquisition further extends Soprano’s operational footprint in Asia and Europe and puts Soprano on a path to deliver more than 10 billion mobile transactions annually in 2021. With the addition of Silverstreet, more than 6,400 enterprise and government customers globally will now be using Soprano’s technology to enable trust, value and meaning for each and every mobile transaction.
The move signals to enterprise and government organisations that Soprano remains committed to investing aggressively in messaging automation and communications capabilities and solidifies its commitment to differentiate through a combination of robust international connectivity, innovative interactive messaging capabilities and a unique security and compliance toolset geared for large-scale deployments.
“We believe Silverstreet’s mission is aligned with Soprano’s and the combination propels our strategy of preparing for a future where truly immersive and personalised communication experiences are the norm,” says Soprano chairman and CEO Richard Favero.
“The year 2020 has shown that mobile communication has become universally and critically important as businesses and governments must cut through to maximise engagement and meet customers in the channels they prefer.
“Our customers rely on Soprano Connect software to meaningfully engage with their customers, employees and suppliers, and with the addition of Silverstreet, we will continue to innovate into the future as meaningful, trusted engagement and communication becomes an essential form of currency.”
This acquisition continues Soprano’s positive momentum in a rapidly growing market, with research firm IDC predicting CPaaS revenue to reach $17.7 billion by 2024.
Digital transformation and cloud adoption has accelerated greatly in 2020, and Soprano was already among only a handful of CPaaS providers worldwide who can combine a full menu of communications APIs and integration capabilities with a robust, enterprise-grade toolset for network reach, scale, security, compliance and service quality.
Soprano has made similar acquisitions previously, including Orange Gum Pte Ltd in 2009, Fronde’s Message Direct Platform in New Zealand in 2014, and SITmobile in 2014, which saw Soprano gain offices in Spain and across Latin America to become one of the world’s largest mobile enterprise messaging software company. The seller of this transaction is Impiro Pte. Ltd, which is an investment firm started by Silverstreet founders.