Wednesday, April 24

ACQUISITION

Mergers and Acquisitions News: Get all latest news on mergers and acquisitions, Deals News, Deals Updates of big and small business enterprise on Pixr8.

Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal
26Jul By AdityaNo Comments
ACQUISITION

Axis Bank Cracks The Deal To Buy Freecharge From Snapdeal

India's third largest private sector lender Axis Bank Ltd is all set to buy digital payments platform Freecharge from Snapdeal for amount nearing Rs 400 Cr, a much needed relief for Snapdeal. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. By this acquisition, Axis Bank will get a popular digital payments platform and access to high-quality tech, which will give it an upper-hand over other banks. Axis Bank and Freecharge are likely to announce the deal this week, two people familiar with the matter said, on condition of anonymity. Paytm was also in the lead to acquire Freecharge but Freecharge chose to go with Axis Bank, due to higher bid. The sale of Freecharge will mark the most stunning co...
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Paytm Acquires Majority Stakes In Mumbai-based Ticketing Platform Insider.in
13Jul By AdityaNo Comments
ACQUISITION

Paytm Acquires Majority Stakes In Mumbai-based Ticketing Platform Insider.in

One97 Comunications owned India's largest digital payments startup Paytm has recently acquired majority stakes in a Mumbai based  online ticketing and events platform Insider.in as per the report. Founded by Shreyas Srinivasan in August 2014, Insider.in will continue running the business by enabling Paytm's  more than 200 million registered customers to discover a wide range of events and book them instantly. The terms of the acquisition are not disclosed for now. “Events discovery and ticket booking is a challenge for customers and organisers alike. We believe that digital discovery and events marketing expertise will increase supply of quality events in India. This is a natural extension for us,” Madhur Deora, chief financial officer, Paytm, said in a statement. Srinivasan sa...
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Axis Bank In The Race To Acquire Freecharge
8Jul By RishabhNo Comments
ACQUISITION

Axis Bank In The Race To Acquire Freecharge

Axis Bank, India’s third largest private sector lender has emerged as one of the key-runner in the race to acquire e-commerce marketplace Snapdeal owned Freecharge, a digital payments platform founded by Kunal Shah. This payments platform has been seeking a suitable buyer since long, even as its parent company negotiates the terms for its own sale. Axis Bank is currently conducting due diligence on FreeCharge. According to M&A experts, the deal may turn out to a be of USD 20-50 million to Snapdeal. FreeCharge was earlier acquired by Jasper in 2015 in a cash-and-stock deal estimated around USD 400-450 million in what was the largest acquisition of any Indian startup back then. Freecharge has been in continuous talks with many companies for the past one year, but nothing seem...
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BookMyShow Acquired Restaurant-Discovery Platform Burrp
4Jul By RishabhNo Comments
ACQUISITION

BookMyShow Acquired Restaurant-Discovery Platform Burrp

Online ticketing platform BookMyShow, in which Reliance Industries-controlled Network18 holds a sizeable stake, has recently acquired restaurant-discovery platform Burrp, another Network18-owned firm. Burrp would continue to run as a separate entity said Bigtree Entertainment Pvt. Ltd, which runs BookMyShow. The Network18 divestment was made to Foodfesta Wellcare Pvt. Ltd, the BigTree subsidiary that owns and operates BookMyShow, a press statement said. The companies did not reveal the value of the all-cash deal, but a report in The Economic Times called it a “slump sale” and pegged it at a meagre Rs 6.7 lakh. Mansi Vora, head of mergers and acquisitions at BookMyShow, said, “Movie going in India is a social activity and food is an integral part of it. This is where Burrp fits in...
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Datamatics Acquires TechJini, a Boutique Mobile and Web Application Development Company
3Jul By PriyankaNo Comments
ACQUISITION

Datamatics Acquires TechJini, a Boutique Mobile and Web Application Development Company

Datamatics Global Services Ltd. signed a definitive agreement to acquire a controlling stake in TechJini, a boutique mobile and web application development company, headquartered in Bangalore. The objective of this acquisition is to further strengthen Datamatics' mobility offerings through TechJini's range of smart technology solutions. TechJini is a leading software services company with a presence in the U.S., and has a specialized focus on digital experiences and mobile-based web application development and maintenance services. With 250 employees, TechJini caters to over 35 companies across business verticals such as media, engineering, manufacturing and start-ups. TechJini is one of the first 13 companies in the world to be certified under the Google Developer Agency Program. Sp...
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EdCast Acquires Content AI Start-up Sociative
24Jun By AnkitaNo Comments
ACQUISITION

EdCast Acquires Content AI Start-up Sociative

EdCast, the leading Knowledge Cloud platform for unified discovery and personalized learning, today announced the acquisition of Corte Madera-based Sociative, Inc. Founded in 2010, Sociative has developed highly focused content-discovery technology, using topical influencers, personalization and machine learning. Sociative founders Michael Tolson and Brad DeGraf are pioneers in the development of algorithmic inference technology for making sense of the real-time Web. "We are thrilled about joining forces with EdCast, given its mission and innovative technology that has been embraced by leading Fortune 500 companies worldwide," said Michael Tolson, Co-founder & CTO of Sociative, Inc. "We are looking forward to fully integrating our machine learning technology, which has gained so mu...
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Airbnb Acquired Background Check Startup Founded by Indians
19Jun By PriyankaNo Comments
ACQUISITION

Airbnb Acquired Background Check Startup Founded by Indians

Leading online lodging service Airbnb is buying a California-based background-check startup founded by three Indian-origin entrepreneurs in 2014 as it seeks to protect its users and hosts from undesirable and fraudulent people. A report in Fortune magazine said Airbnb is buying Trooly, a startup that specialises in technology that helps conduct background checks. Trooly was co-founded by Savi Baveja, Anish Das Sarma and Nilesh Dalvi. According to profiles of the founders on the Trooly website, Baveja, who is also the company's CEO, had previously served as senior partner at the strategy consulting firm Bain & Company, and a member of the Bain Board of Directors. Sarma, the companys Chief Technology Officer, is a gold medalist from IIT and has worked at Google Research and Y...
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Wipro Acquires 26% Stake in Drivestream
14Jun By Press Trust of IndiaNo Comments
ACQUISITION

Wipro Acquires 26% Stake in Drivestream

The country's third largest software services firm Wipro has invested USD 809,690 (about Rs 5.12 crore) in management and IT consulting firm Drivestream. The cash consideration will see Wipro acquiring 19,679 preferred stocks and 27,865 common stocks, Wipro said in a BSE filing. Wipro now holds 26.1 per cent share in Drivestream (on a fully diluted basis), it added. Established in 2001, Drivestream is privately held and has a workforce of around 73 employees in the US. Its revenue stood at USD 20.5 million in 2016.
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Happiest Minds Acquires USA Based OSSCube
2Jun By AnkitaNo Comments
ACQUISITION

Happiest Minds Acquires USA Based OSSCube

Happiest Minds Technologies, a next-generation digital transformation, infrastructure, security and product engineering services company, announced the acquisition of OSSCube, a U.S. based digital transformation company. This acquisition will expand the company's portfolio of transformative offerings in the consulting-led digital space, especially around open source platforms. It will also significantly strengthen the company's ground game in North America, deepen CMO mindshare and build critical mass across the digital offerings stack. OSSCube was founded in 2008 by Lavanya Rastogi and Vineet Agarwal and provides consulting-led digital transformation and modernization services in the fast-growing areas of cloud, big data, e-commerce, enterprise mobility and open source. The firm is hea...
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NIIT Techs Arm Acquires 55% Interest in US Firm RuleTek
1Jun By AdityaNo Comments
ACQUISITION

NIIT Techs Arm Acquires 55% Interest in US Firm RuleTek

Incessant Technologies, an arm of NIIT Technologies, today announced it will acquire 55 per cent interest in US-based RuleTek, in a bid to boost its digital integration capabilities and expand North America footprint. Incessant Technologies has "signed a definitive agreement to acquire 55 per cent interest in RuleTek", NIIT Tech said in a regulatory filing without disclosing the deal size. "The transaction will enable Incessant to strengthen its digital integration capabilities and expand its footprint in the high-opportunity North American market and near-shore capabilities to its existing delivery model," the statement said. RuleTek, headquartered in Meridian, Idaho (US), is a business process management architecture services company that has done implementations for Fortune 500...
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