Microsoft Corporation buys 35% stake in Oxigen Services India
Global IT major, 
Microsoft Corporation has acquired a 35% equity stake in mobile-integrated platform provider, Oxigen Services India for an undisclosed amount.
Oxigen is an IT enabled multi-services platform and distributor of recharges, prepaid subscriptions and bill payments. The company currently has a pan India retail network of approximately 50,000 touchpoints.
The acquisition is part of Microsoft's unlimited potential group's efforts creating new products and programs using Microsoft products. By partnering with Microsoft, Oxigen expects to expand its business rapidly in the virtual payments and distribution space using Microsoft Web and Windows mobile-based technologies, as well as getting access to Microsoft's advertising services
Last year, Oxigen reported revenues amounting to $150 million, which is expected to touch $180 million this year. However, the South Africa's Blue Level Telecom, which held a 50% stake in Oxigen will now have a reduced 35% stake after the Microsoft deal.
