Thursday, March 28

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.

Japan Based Company Acquires Hiring Platform Glassdoor for $1.2 Bn
ACQUISITION

Japan Based Company Acquires Hiring Platform Glassdoor for $1.2 Bn

Recruit Holdings, a Japan-based HR services provider announced on Wednesday that it reach an agreement with California-based job site operator Glassdoor to acquire the company for $1.2 billion to get access to the database of company reviews and salary data. Glassdoor is a private company founded in 2007 that allows its employees and former employees to anonymously review companies for which they work or previously worked for and their management as well. TechCrunch defines the company as a site that “collects company reviews and real salaries from employees of large companies and displays them anonymously for all members to see.” The company last received decent funding throughout its years of activity. The company raised a Series B funding round of $3 million in 2008 from Benchmark...
SHAREit Acquires South Indian Movie Streaming App
ACQUISITION

SHAREit Acquires South Indian Movie Streaming App

SHAREit, the Beijing-based file sharing platform recently announced the acquisition of movie app Fastfilmz that only displays South Indian movies, for an undisclosed amount. SHAREit revealed in a statement that the acquisition valued the company at $13 million. Fastfilmz last raised a funding round of $4 million last year. The founder of Fastfilmz, Karam Malhotra will move to SHAREit office, taking the post of Chief Executive of SHAREit India. The acquisition of Fastfilmz has been made to carry out the ambitions of the Chinese tech company in distributing wider contents across regional languages as well. Fastfilmz operates as an over-the-top (OTT) platform meaning that it sells the movies it broadcasts directly to its customer base over the internet through streaming media, instea...
Infibeam to Acquire Snapdeal’s Unicommerce for Rs 120 Crore
ACQUISITION

Infibeam to Acquire Snapdeal’s Unicommerce for Rs 120 Crore

Infibeam Incorporation Ltd, parent company of the country’s only listed e-commerce will acquire 100% stakes in the tech solutions company of Snapdeal, Unicommerce. Infibeam released a statement stipulating that in reached an agreement with Snapdeal’s parent company, Jasper Infotech Pvt. Ltd to acquire Unicommerce for the sum of Rs 120 crore. Snapdeal reported a 75% jump in loss for the financial year ended March 2017 and are now selling Unicommerce for 55% less than they acquired it in 2015 for $40 million. Founded by IIT Delhi alumni Ankit Pruthi, Karun Signla and Vibhu Garg in 2012, Unicommerce licensed a product called Uniware that is a software-as-a-service (SaaS) application for end-to-end management of order fulfillment. The application specializes in managing vendors, procurem...
Flipkart Sell 75% stake to Walmart for $15 Billion
ACQUISITION

Flipkart Sell 75% stake to Walmart for $15 Billion

Flipkart, the Indian e-commerce giant came to terms with American brick-and-mortar mammoth, Walmart, to sell an equity stake of about 75% for $15 billion, according to a report from Bloomberg which cited anonymous sources. SoftBank, the Japanese multinational conglomerate holding company that holds 20% stake in the e-commerce business agreed to sell its shares of the company to the American firm. Bloomberg added that Google’s parent company Alphabet Inc is also participating alongside Walmart in this deal. Terms are still being negotiated and the deal can even fall apart at any moment, Bloomberg reported. However, the deal is expected to close within the next 10 days. None of the companies agreed to comment on the matter. Earlier this week, Indian TV channel CNBC-TV18 reported ...
Mahindra & Mahindra Invests Canadian Data-Driven Farming Company
ACQUISITION

Mahindra & Mahindra Invests Canadian Data-Driven Farming Company

Mahindra and Mahindra (M&M) came to terms with Canadian IT firm Resson Aerospace Corporation in a share subscription agreement to acquire 10 per cent of its share capital for up to CAD 6.63 million. “The company has today signed a share subscription agreement for subscribing up to 8,00,402 Class C preferred shares of Resson Aerospace Corporation, Canada, which would result in the company holding up to 10 per cent of the share capital of Resson on a fully diluted basis,” M&M said in a regulatory filling. The amount of CAD 6.63 million which amounts to approximately 34.5 crore in Indian currency will be paid in cash. Resson is a machine learning and data-driven analytics company that makes use of the latest technological advancements to provide farmers with full insights abo...
P&G to buy 52% stake in Merck India for Rs 1300 Cr
ACQUISITION

P&G to buy 52% stake in Merck India for Rs 1300 Cr

Procter & Gamble Company (P&G), a global consumer product manufacturing firm is all set to acquire a nearly 52% stake in drug firm Merck India for Rs 1,300 crore in a global deal taking over the international consumer health business of Germany’s Merck KGaA. According to information that came in a public announcement on Thursday, Procter & Gamble Overseas India BV along with P&G will be making an obligatory offer to acquire 26% from public shareholders for up to Rs. 648 crore which will mark up the total cost of acquisition in India to Rs. 1,948 crore. The procurement will allow P& G to expand its consumer healthcare business by incorporating a portfolio of physician-supported brands while complementing its owned brand like Metamucil, Pepto-Bismol, Crest and Oral-...
California Based Prominent Cryptocurrency Exchange Acquires Earn.com
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California Based Prominent Cryptocurrency Exchange Acquires Earn.com

Prominent cryptocurrency exchange, Coinbase, in a deal worth more than USD 120 million, announced its significant plan to buy the United States startup that uses blockchain for its paid-email service, Earn.com. Coinbase also appointed Indian-American, Balaji Srinivasan, co-founder and CEO, Earn.com as its first CTO, TechCrunch reported. The rest of the team from Earn.com will also transition over. "With Coinbase's user base and distribution muscle, I think it could hit USD 100 million in accounting rate of return (ARR) in a few months. I'm proud of the fact that we turned what could have been a disaster into a successful product and I'm excited about the road ahead," TechCrunch quoted Balaji Srinivasan as saying. A Stanford graduate, who holds a BS, MS and Ph.D. in Electrical Engin...
Myntra Acquires Bengaluru Based Smart Wearables Startup
ACQUISITION

Myntra Acquires Bengaluru Based Smart Wearables Startup

India's leading online fashion platform Myntra has acquired Bengaluru based Witworks. Witworks is a technology startup making smart wearable devices and their underlying software. Witworks team will join Mytnra R&D department after the acquisition to further strengthening the company's robust technology team and augment its product development capabilities. The acquisition will help Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future. Jeyandran Venugopal, Chief Technology Officer, Myntra, said, "Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60 percent to the total business. This acquisition will help us to solidi...
Infosys Acquires US Firm WongDoody
ACQUISITION

Infosys Acquires US Firm WongDoody

Infosys Ltd, the IT services company announced on Friday that it reached an agreement to make the acquisition of WongDoody Holding Co., a digital creative and consumer insights agency based in America for $75 million. “On 13 April 2018, the company entered into a definitive agreement to acquire WongDoody… for a total consideration of up to $75 million including consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions,” Infosys said in a regulatory filing. Infosys Ltd. bought out the firm in order to strengthen the firm’s creative, branding and customer experience abilities. The deal, which is subject to customary closing conditions, is expected to be complete at the start of FY19. “With Infosys Digital Studios spanning the globe—fr...
Reliance Acquires Online Education Portal Embibe
ACQUISITION

Reliance Acquires Online Education Portal Embibe

Reliance Industries recently purchased a majority stake of 72.69% in Indiavidual Learning Pvt Ltd’s online education platform Embibe. Mukesh Ambani’s company is set to pour $180 million over the next three years in the company, according to stock market filings. The deal will also see Lightbox and Kalaari Capital leave the online learning platform’s board as Reliance Industries is buying out their stakes. The two venture funds had invested a combined $4 million in the company back in 2013. The investment in Embibe underlines Reliance’s commitment to growing the education sector in India and the world and making education accessible to the widest possible group of students by deploying technology. Reliance aims to connect over 1.9 million schools and 58,000 universities across India wit...
Lending Platform Happy Loans Acquires Non-Banking Financial Company
ACQUISITION

Lending Platform Happy Loans Acquires Non-Banking Financial Company

Happy Loans, the platform that connects borrowers from the MSME sector to lenders announced on Thursday that it made the acquisition of Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited in order to use the funds of the firm to provide loans to its customers. Consequently to the deal, the NBFC company’s name will change to Arthimpact Digital Loans Private Limited. The acquisition is also a profitable way for Happy Loans to provide more capital and resources to micro-entrepreneurs than they could previously while reducing the cost of providing capital to its customers. Additionally, this purchase allows Happy Loans to benefit from a bigger share of the online loan market place. Indeed, Happy Loans looks forward to use Arthimpact Digital Loans Private Limite...
Rental Service Ziffyhomes Acquires Nivaasa in all Cash Deal
ACQUISITION

Rental Service Ziffyhomes Acquires Nivaasa in all Cash Deal

ZiffyHomes, a Delhi based home rental service acquired Nivaasa, a Gurgaon-headquartered home rental platform for an undisclosed amount. The acquisition happened in cash. The company had earlier acquired competitor Fellahomes this year to become one of the largest aggregators of Exclusive Rental Properties in Delhi NCR. The acquisition will help Ziffy to expand in the premium category apartments across India Nivaasa, which currently operates in Gurgaon, Delhi, Mumbai, and Bangalore offers a professional way to rent a home. The startup created its own furnished living spaces and provides a house hunting service to home seekers looking for rentals in the open market. This apart, it also provides furnished and rental homes to people and allows them to customize the amount of furniture...