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HCL Tech Acquire US Based Urban Fulfillment Services

25Apr By PriyankaNo Comments

ACQUISITION

HCL Tech Acquire US Based Urban Fulfillment Services

India's fourth largest software services firm HCL Technologies today said it will acquire US- based Urban Fulfillment Services (UFS) for up to USD 30 million (over Rs 193 crore) in cash. UFS is a provider of mortgage business process and fulfilment services. Founded in 2002, the company has over 350 highly skilled professionals. It has three centres in the US. The total cash consideration for this transaction is up to USD 30 million, including contingent payments subject to certain financial milestones, HCL said in a regulatory filing. The deal is expected to be completed by June this year, subject to certain closing conditions including transfer of licences and approval of the customers, it added. Mortgage servicing is a regulated activity in the US and the transaction would r...

Myntra Acquires Bengaluru Based Logistics Startup InLogg

20Apr By AnkitaNo Comments

ACQUISITION

Myntra Acquires Bengaluru Based Logistics Startup InLogg

Fashion e-tailer Myntra today said it has acquired Bengaluru-based InLogg for an undisclosed amount, a move that will further strengthen the supply chain capabilities of the Flipkart-owned company. Founded in 2015, InLogg offers a technology platform that provides end-to-end logistics solutions for the e-commerce sector. "As part of the acquisition, the team at InLogg has been inducted into Myntra, making it an acquihire that will further strengthen and expand Myntras supply chain capabilities," Myntra said in a statement. "With an 80 per cent year-on-year growth, we are on a strong trajectory... The Inlogg acquihire with the platform and capabilities will help us scale while delivering great customer experience in Tier II, III and IV cities," Myntra Chief Strategy and Planning Of...

BigBasket and Grofers are in Talks For Possible Merger

19Apr By AnkitaNo Comments

ACQUISITION

BigBasket and Grofers are in Talks For Possible Merger

India's online grocery delivery service BigBasket and smaller rival Grofers India Pvt. Ltd. have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources. If the merger goes through, SoftBank Group (9984.T), which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report added. The talks, which are in early stages, may value BigBasket at about $700 million to $800 million, while Grofers could be valued at $150 million to $200 million, Mint added. Online grocery sales are a fast growing segment in India's e-commerce industry as more consumers log in to internet for their purchases.

MapmyIndia Acquires Bengaluru Based VIDTEQ To Build 3D and 360 Degree Map

18Apr By PriyankaNo Comments

ACQUISITION

MapmyIndia Acquires Bengaluru Based VIDTEQ To Build 3D and 360 Degree Map

Digital mapping firm MapmyIndia today said it has acquired Bengaluru-based VIDTEQ for an undisclosed amount. MapmyIndia is leading player in the area of digital map data and APIs, GPS navigation, tracking, location apps, and GIS solutions. “The MapmyIndia and VIDTEQ teams are excited to build the future of maps and location technologies together, that can make our world better,” MapmyIndia CTO Rohan Verma said in a statement. Founded by Chandra Thimmannagari and Navada Muraleedhara in May 2008, VIDTEQ offers a video map technology that allows users to view a video clip of the complete route from any source to the destination within a city. It already covers over 20 Indian cities. Besides, MapmyIndia announced a slew of partnerships. Under the collaboration with Reverie Language Techn...

12Apr By PriyankaNo Comments

ACQUISITION

Wipro Completes InfoSERVER Acquisition

Tech major Wipro today said it has completed the acquisition of Brazilian IT service provider InfoSERVER. The impact of the buyout will reflect in the financials of the company for the June quarter, it added. "We would like to inform that the acquisition of InfoSERVER has been completed on April 10, 2017. The impact of InfoSERVER acquisition is expected to reflect in the financials of the company for the quarter ending June 30, 2017," Wipro said in a BSE filing. In January this year, Wipro signed an agreement to acquire InfoSERVER, an IT service provider focused on the Brazilian market for USD 8.7 million. Wipro had then stated that InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help it in expanding presence in that country's highly traditional a...

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

10Apr By AdityaNo Comments

ACQUISITION

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities to make eBay's global inventory accessible to more India consumers, while eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart. "The combination of eBay's position as a leading global eCommerce company...

Crowdfunding Platform DesiredWings Acquires Catapooolt

7Apr By AnkitaNo Comments

ACQUISITION

Crowdfunding Platform DesiredWings Acquires Catapooolt

Promoters of crowdfunding platform Desiredwings.com have acquired Catapooolt.com for an undisclosed sum. Both the brands will stay in the market post this acquisition, focusing on different segments of the crowdfunding industry. By virtue of this acquisition, together Desired Wings and Catapooolt "stand as leaders and the largest crowdfunding platform" with various diversified successfully funded campaigns to its portfolio, a company release said. "Post this acquisition, we have secured the leadership position in the industry and now with the combined strength of both the brands, we can grow faster and also help shape this industry," Shabir Momin, co-founder, DesiredWings, said. DesiredWings facilitates business idea validation and development, helps start-ups prefund their future pro...

Public Pension Capital Acquires Viteos Fund Services

5Apr By AdityaNo Comments

ACQUISITION

Public Pension Capital Acquires Viteos Fund Services

Public Pension Capital (PPC) and FiveW Capital today announced they, together with Viteos management, have acquired Viteos Fund Services, a leading provider of middle- and back-office technology and services for the investment management industry. The transaction brings together a group of financial and strategic investors experienced in building and growing technology and service providers. The Viteos management team will continue to lead the company. Viteos, founded in 2003, provides customized straight-through-processing and integrates post-trade operations for the investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services and offers a full range of middle- and back-office outsourcing through its 500+ employees and straight-thro...

Emaar Malls Confirms $800 Million Bid For Souq.com

28Mar By reutersNo Comments

ACQUISITION

Emaar Malls Confirms $800 Million Bid For Souq.com

Dubai's Emaar Malls, a unit of Emaar Properties, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com. The bid has so far not been accepted by Souq.com's shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid. Last week, sources familiar with the matter told Reuters that Amazon.com Inc had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment. Emaar Malls’ bid has so far not been accepted by Souq.com shareholders, the Dubai-listed firm said in a stock exchange announcement on Monday. Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar have to break...

Pigeon Express in Talks to Buy Out Snapdeal Stake in GoJavas

17Mar By NitishNo Comments

ACQUISITION

Pigeon Express in Talks to Buy Out Snapdeal Stake in GoJavas

Logistics firm Pigeon Express is in talks to buy out entire stake of Snapdeal in its subsidiary parcel delivery firm GoJavas. "We are in discussion to buy out stake of Snapdeal in GoJavas," Pigeon Express MD Anand Rai said on sidelines of the launch of Aangadia mobile app for consignment booking by delivery personnel. Pigeon Express acquired 51 per cent share in GoJavas in August 2016, in which Snapdeal holds 49 per cent stake. Snapdeal has stopped using services of GoJavas and is currently delivering shipments mainly through its own new logistics venture Vulcan Express. Rai said that Pigeon acquired GoJavas after it was running in losses mainly due to reconciliation issues with e-commerce companies."There was no transparency in e-commerce deliveries. E-commerce wave in 2013 very ...

Google Acquires Canadian Cloud Specialist Firm AppBridge

14Mar By PriyankaNo Comments

ACQUISITION

Google Acquires Canadian Cloud Specialist Firm AppBridge

Alphabet's Google has announced the acquisition of Canadian technology firm AppBridge that helps companies transfer data to the technology giant's Cloud platform. "We are acquiring Vancouver-based AppBridge that builds connectors to... connect up into Google Cloud," said Prabhakar Raghvan, vice president (apps) Google Cloud at the Cloud Next Conference here. Raghvan, however, did not disclose the details of the deal. The company had yesterday announced the acquisition of start-up firm Kaggle. Google also announced a slew of products and services for both enterprises and individuals including add-ons for Gmail, Hangouts Meet and Hangouts Chat. "Last year, we talked about doubling our enterprise focus for Hangouts and our commitment to building communication tools focused on the ...

Coldwell Banker India Acquires Online Realty Portal Favista.com

11Mar By NitishNo Comments

ACQUISITION

Coldwell Banker India Acquires Online Realty Portal Favista.com

Coldwell Banker India has acquired favista.com in an all stock deal. All of Favista's assets, IP, and employees will become a part of Coldwell Banker India as of the closing date. Favista has been a pioneer in the real estate technology space with some of the lowest lead generation costs in the industry, having generated over 500,000 inbound buyer leads till date. It has also gained a reputation of being one of the most credible portals for obtaining new project information for consumers across the country. Favista.com will continue to remain as a standalone portal providing marketing and lead generation services to developers and Coldwell Banker India's current and future franchise network. Favista also has an on-ground brokerage arm that assists home buyers in identifying and pu...