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Microsoft Buys AI Scheduling Service Genee to Bolster Office 365

24Aug By Press Trust of IndiaNo Comments

ACQUISITION

Microsoft Buys AI Scheduling Service Genee to Bolster Office 365

Software giant Microsoft has bought a smart scheduling app Genee, as part of its effort to embed artificial intelligence (AI) to compete with the likes of Google Now and Apple. The start-up, which was founded in 2014, will shut down its service on September 1. The financial terms of the deal were not disclosed by Genee founders Ben Cheung and Charles Lee, who will join Microsoft. Genee specializes in using machine smarts to handle the time-sucking task of scheduling meetings. It is likely that Microsoft will be using this acquisition to bolster its Office 365 suite. "As we continue to build new Office 365 productivity capabilities and services our customers value, I'm confident the Genee team will help us further our ambition to bring intelligence into every digital experience...

Divyank Turakhia’s Media.net Got Acquired By Beijing Based Miteno For $900 Million

23Aug By NitishNo Comments

ACQUISITION

Divyank Turakhia’s Media.net Got Acquired By Beijing Based Miteno For $900 Million

Media.net, a key player in the ad-tech space got acquired by Beijing-based Miteno in an all-cash transaction valued at approximately $900M USD. Mitneo is led by Mr. Zhiyong Zhang, the chairman of Beijing Miteno Communication Technology Co. Ltd., a technology, media and telecom (TMT) business listed on the GEM Board of the Shenzhen Stock Exchange. This completes the first step toward Media.net being acquired by, and integrated into, Beijing-based Miteno. Media.net is a large, growing and profitable business with 2015 IFRS revenue of $232M. It currently manages more than $450M of annual advertising revenue via its platform, more than 50 percent of which is generated from mobile users. Ninety percent of Media.net’s total revenue comes from the U.S. With seven offices world...

14Aug By AnkitaNo Comments

ACQUISITION

Flipkart Owned Myntra Acquires 51% Stake in ‘HRX’

Flipkart-owned Myntra has acquired majority stake in HRX, the active lifestyle brand co-owned by Bollywood actor Hrithik Roshan, and Exceed Entertainment. The company did not disclose the quantum of stake acquired as well as cost of the acquisition. In an emailed statement, it said: "Myntra has bought stakes from Hrithik and Exceed. Both Hrithik and Exceed will continue to be shareholders in HRX." This move is in a bid to further strengthen Myntra's successful private brands business, it added. HRX, one of the first homegrown Indian active lifestyle brand incepted in 2012, was exclusively licensed to Myntra in 2013, and has been one of the top selling brands on Myntra since then. HRX is on track to double its revenues to Rs 200 crore in the current financial year and is ...

Bengaluru Based Messaging Platform Nudgespot Got Acquired By Boomtrain

10Aug By PriyankaNo Comments

ACQUISITION

Bengaluru Based Messaging Platform Nudgespot Got Acquired By Boomtrain

Boomtrain, a marketing platform that uses artificial intelligence (AI) to drive relevant interactions with users at every touchpoint, today announced it has signed a definitive agreement to acquire partner, India-based Nudgespot. Nudgespot has built a best-in-class messaging platform that will integrate into Boomtrain's technology to deliver a seamless experience for businesses to communicate with customers and visitors on websites and in mobile apps. Boomtrain and Nudgespot initially partnered nine months ago, and have been co-developing a product that combines Nudgespot's platform with Boomtrain's AI technology. Terms of the acquisition were not disclosed. "The acquisition of Nudgespot will accelerate our strategy to enable AI-powered communications between bu...

Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion

9Aug By reutersNo Comments

ACQUISITION

Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion

Wal-Mart Stores Inc, vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an e-commerce startup. The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world's biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon. Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. Jet.com was launched by internet entrepreneur Marc Lore in July 2015 and includes software that...

Nasper is Set To Acquire Citrus Pay For $180 Million

8Aug By NitishNo Comments

ACQUISITION

Nasper is Set To Acquire Citrus Pay For $180 Million

Citrus Pay, founded by Jitendra Gupta and Satyen Kothari in 2011 set to acquire by South African media and internet conglomerate Naspers for around $150-180 million, in an all-cash transaction deal. Japan's internet major Rakuten was also one of the contender to acquire Citrus Pay. However, the deal fell through. This acquisition deal is one of the largest deals in the Indian payments market. Earlier Snapdeal buy out Freecharge for $400 million (30% cash, 70% stock). The domestic payments market has been abuzz with mergers and acquisitions in the past year after vast opportunity created by leading players Paytm and Freecharge. ALSO READ: PayPal founder invest $3 million in Mumbai based startup citrus Pay Payment company Citrus Pay acts as a bridge between bank acc...

Cognizant Acquired US-Based Idea Couture

28Jul By AnkitaNo Comments

ACQUISITION

Cognizant Acquired US-Based Idea Couture

Software services major Cognizant has acquired US-based Idea Couture for an undisclosed amount to boost its digital technologies offering. Idea Couture, which specialises in designing and prototyping products, services and business models, will become part of Cognizant Digital Works, Cognizant said in a statement. Terms of the deal were not disclosed. Cognizant Digital Works combines human insight, strategy, design, technology and industry expertise to create innovative solutions at enterprise scale. Based in Toronto, the privately-held Idea Couture has offices in the US, Europe and Latin America. It has over 170 social scientists, strategists, anthropologists, user experience experts, designers and connected product developers. Its customers include companies like Samsung, Pe...

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

26Jul By PriyankaNo Comments

ACQUISITION

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

Myntra, a fashion portal owned by India's largest online retailer Flipkart has acquired online merchandise retailer Jabong. Sachin Bansal, Flipkart's co-founder, confirmed the news by welcoming Jabong India to the Flipkart family in a tweet. Welcome @JabongIndia to the @Flipkart family. We'll create history together.— Sachin Bansal (@_sachinbansal) July 26, 2016 The talks of sale were fueled by reports that Jabong's current owners AB Kinnevik and Rocket Internet were reluctant to pump in more money into Jabong. According to Mint, Kinnevik was seeking a valuation of USD 100-150 million for Jabong. After the deal, Jabong will become part of Myntra which in turn is owned by Flipkart. Earlier there were speculations that Kishor Biyani-led Future Group is in talks to buy Jab...

Quikr Acquired Hiree To Step-up in Jobs Market

25Jul By NitishNo Comments

ACQUISITION

Quikr Acquired Hiree To Step-up in Jobs Market

Quikr, India’s category classifieds business has acquired Hiree, an online hiring platform focused on white collar jobs. Hiree which counts world’s largest IT companies and India’s highest valued startups in its customer list will be merged with its jobs vertical QuikrJobs and will operate out of Quikr HQ. Already a leading recruitment platform for blue, grey collar and entry-level jobs across India, the acquisition will further strengthen QuikrJobs’ offerings to address recruitment needs for the entire spectrum of job categories across industries. The combined entity will create a leading recruitment platform that connects over 4mm active candidates with recruiters across the country. The enhanced product portfolio coupled with Quikr’s pioneering missed call service will make...

Verizon to Announce $5 Billion Deal to Buy Yahoo on Monday

25Jul By reutersNo Comments

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Verizon to Announce $5 Billion Deal to Buy Yahoo on Monday

Verizon Communications Inc will announce an agreement on Monday to buy Yahoo Inc for about $5 billion (roughly Rs. 33,604 crores), according to a person familiar with the matter. The announcement will come before the start of New York trading hours, the source added. The deal will end months of uncertainty about Yahoo's future after the company announced plans to review strategic alternatives in February. Yahoo and Verizon both declined to comment. Reuters reported on Friday that Verizon had emerged as the front-runner in the Yahoo auction. The transaction would boost Verizon's AOL Internet business, which the company acquired last year for $4.4 billion, by giving it access to Yahoo's advertising technology tools, as well as other assets such as search, mail, messenger and r...

Exclusive: Tesla, SolarCity Close to Merger Agreement

24Jul By reutersNo Comments

ACQUISITION

Exclusive: Tesla, SolarCity Close to Merger Agreement

Tesla Motors Inc and SolarCity Corp have made progress in putting together a deal that will merge the electric car maker and the solar panel installer, people familiar with the matter said. The two companies, which count billionaire Elon Musk as a major shareholder, are in the final stages of carrying out due diligence on each other, and could agree on the terms of a deal in the coming days, though it is still possible that their negotiations end unsuccessfully, the people said on Saturday. It could not be learned whether SolarCity would be successful in including a go-shop provision in a merger agreement with Tesla that would allow it to continue to solicit bids from other potential buyers for a short period of time. The sources asked not to be identified because the negotiations...

22Jul By NitishNo Comments

ACQUISITION

Rs 357 crore for 62% – Titan Will Pay to Caratlane For Acquisition

As per the filing report, Jewellery-to-eyewear lifestyle company Titan Company Ltd also an entity of Tata's Group would pay Rs 357.34 crore to acquire a 62 percent stake in Chennai-based Carat Lane Trading Private Limited, the parent entity of the jewellery etailer CaratLane.com. In May, Titan Company acquired a majority stake in CaratLane.com. The Company is acquiring 19,142,545 shares in the parent entity. Caratlane raised over $50 million in funding from Tiger Global Management. Carat Lane Trading Private Limited, which is involved in designing, manufacturing, trading and retailing of gems and jewellery, clocked revenues of Rs 141 crore for the financial year 2015-16. Its revenues in the preceding two consecutive fiscals were Rs 127 crore and Rs 101 crore, respectively. Titan ...