REX acquires major stake at Yota Devices, plans to transform company
Yota Devices is a Russian based organization that specializes in the making of smartphones for the market. Many of you might not have heard of this company. This may be largely due to the fact that as newcomers, they do not have a wide variety of products for users to litter the city with and also, a lot of glitches in the manufacturing process is kicking down their customer receipt a notch. All these flaws are soon to change though as the company has just been bought out in a $100 million deal, the buyer being REX Global.
Having already released the YotaPhone and YotaPhone 2, these devices can’t really be claimed to be huge success on the part of the manufacturers as just after a delay in production (which spanned like one year between announcement and actual release for both devices), it failed to launch in some important markets such as the US (although it held a launch campaign there which was successful)
The new acquisition by REX Global which now sees it have 65% stake in the company is poised to turn the company’s head around, planning to invest about $50 million into it and also, making its next set of smartphones in conjunction with ZTE. We should be expecting the YotaPhone 3 with a new face in 2016 then.