Truecaller completes $15m TextPlus acquisition to expand U.S. communications platform

Truecaller AB (publ) (Nasdaq Stockholm: TRUE B) has completed its acquisition of TextPlus Inc. at a $15 million cash- and debt-free valuation, bringing a United States communications platform with approximately 1.5 million monthly active users into the Swedish caller-identification company. TextPlus will continue operating as a separate company and brand while being consolidated into Truecaller from September 9. Its platform supports second phone numbers, Voice over Internet Protocol calling, SMS messaging and data-based connectivity, broadening Truecaller beyond caller identification, spam protection and messaging.

On a simple calculation, the transaction values TextPlus at approximately $10 for each current monthly active user. That ratio does not represent customer acquisition cost or lifetime value because the $15 million price also covers technology, intellectual property, brand, revenue and an operating business. The more useful question is whether Truecaller can use TextPlus to establish paid communications services and stronger monetization in the United States, where its strategic ambitions differ from the emerging markets that historically drove much of its user scale.

Why does TextPlus matter strategically when 1.5 million users are tiny beside Truecaller’s global user base?

Truecaller has more than 500 million active users globally, making TextPlus’ 1.5 million monthly users equivalent to well below 1% of Truecaller’s total user scale. If the acquisition were assessed only by incremental user count, it would appear relatively minor.

The strategic value lies in what those users are doing. TextPlus allows customers to obtain second numbers, make internet-based calls and send messages through a cloud communications platform, capabilities that move Truecaller closer to becoming the communications service itself rather than only identifying or filtering communications handled by someone else.

Second-number services can also support subscription economics. Customers may be willing to pay for dedicated numbers used for privacy, business activity, travel or online transactions, creating a more direct revenue relationship than advertising-supported caller identification.

Truecaller therefore gains both a product capability and a U.S.-oriented operating base. The acquisition can be meaningful even if TextPlus’ existing user count never materially changes Truecaller’s global MAU statistics.

How expensive is TextPlus relative to its reported revenue base?

Third-party company data indicate TextPlus generated approximately $5.2 million of adjusted net revenue over the 12 months ended May 2026 and was profitable. If that revenue figure is accurate, the $15 million purchase valuation corresponds to roughly 2.9 times trailing adjusted net revenue.

That is a far more economically useful comparison than the $10-per-user calculation because Truecaller is buying an operating business rather than an audience alone. A revenue multiple below three times could prove attractive if TextPlus continues growing and Truecaller creates cross-selling opportunities.

The limitations should be clear. Truecaller’s closing announcement did not provide current TextPlus revenue or profitability, and adjusted net revenue is not directly comparable with standardized GAAP or IFRS sales without knowing the underlying definition.

The transaction is also small enough that integration economics matter. Truecaller does not need TextPlus to become a billion-dollar platform for the acquisition to create value. Moderate growth combined with shared technology, marketing or infrastructure could justify a $15 million purchase.

Can Truecaller afford acquisitions while its core financial performance is under pressure?

Truecaller reported second-quarter net sales of SEK393.2 million, down 21% year on year, while EBITDA excluding incentive-program costs fell 50% to SEK105.8 million. Profit after tax declined to SEK51.7 million from SEK118 million a year earlier. At the same time, average monthly active users excluding iOS increased by 44.4 million to 471 million, illustrating the tension between strong user growth and weaker monetization.

Advertising has been a major source of that pressure. Truecaller spent much of 2026 addressing technical and demand-partner issues that affected advertising yield, while simultaneously rebuilding parts of its ad architecture.

The balance sheet gives management room to invest despite that operating pressure. Truecaller held approximately SEK853 million in cash and short-term investments at June 30 and subsequently entered an SEK850 million term loan facility with SEB, while an existing SEK500 million revolving facility remained undrawn.

Against those figures, a $15 million acquisition is manageable. The strategic question is not whether Truecaller can pay for TextPlus, but whether acquisitions and new services improve monetization enough to offset the weakness experienced in advertising.

Why could the U.S. market matter more financially than TextPlus’ current size suggests?

Truecaller built enormous reach in markets where spam, fraud and fragmented communications created a strong need for caller identification. User scale in those markets does not always translate into advertising revenue at the same rate as users in higher-value advertising economies.

The United States offers potentially higher monetization per paying user, particularly for subscription communication products. A second-number or VoIP service can generate direct consumer revenue rather than depending entirely on advertising impressions.

TextPlus also employs only 14 people, giving Truecaller a relatively small operating organization to integrate. A compact workforce combined with an established user base and functioning telecommunications platform could make the acquisition operationally easier than buying a large organization requiring major restructuring.

The opportunity is cross-selling. If Truecaller introduces identity, spam protection and communication-trust features to TextPlus users while offering second numbers or VoIP services to parts of its existing user base, acquisition economics could improve without dramatic growth in standalone TextPlus users.

What does Truecaller’s current share price reveal about the broader challenge around the acquisition?

Truecaller B shares closed at SEK21.78 on September 10, down 2.33% for the session and approximately 10% below the September 3 close of SEK24.22. The formal completion announcement was released on September 11, so the September 10 decline cannot be interpreted as the market’s response to the closing milestone.

The shares also remain far below their 52-week high of SEK45.22. That decline reflects investor concern around advertising monetization and earnings performance rather than the economics of one $15 million acquisition.

TextPlus is therefore unlikely to transform Truecaller’s valuation immediately. What it can do is contribute to a strategic shift toward subscriptions, enterprise communication and paid consumer services, potentially reducing reliance on advertising.

The acquisition becomes significant if Truecaller demonstrates that the TextPlus technology and U.S. presence can generate revenue growth disproportionately larger than its purchase price. Without that cross-platform leverage, it remains a sensible but financially modest bolt-on transaction.

Key takeaways on Truecaller’s acquisition of TextPlus

• Truecaller has completed its acquisition of TextPlus.
• The transaction values TextPlus at $15 million on a cash- and debt-free basis.
• TextPlus has approximately 1.5 million monthly active users.
• The simple purchase-price ratio is about $10 per monthly user.
• TextPlus supports second numbers, VoIP calls and SMS messaging.
• TextPlus will continue operating as a separate brand and company.
• Truecaller has more than 500 million active users globally.
• Truecaller’s second-quarter net sales fell 21% year on year to SEK393.2 million.
• The company had approximately SEK853 million in cash and short-term investments at June 30.
• U.S. monetization and cross-selling will matter more than the small increase in global user count.