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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...

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...

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

24Jun By AnkitaNo Comments

News

After Azim Premji Objection, Credit Suisse Reaches Out to Snapdeals Minority Shareholders

Investment bank Credit Suisse is reaching out to minority shareholders of Snapdeal to build a consensus on the sale of the e-commerce platform to larger rival, Flipkart. According to sources, Credit Suisse, which is advising Snapdeal on the proposed deal, is reaching out to smaller shareholders to get them on board for the acquisition. The beleaguered firm has a number of investors including PremjiInvest, Ontario Teachers Pension Plan, Ratan Tata, Foxconn, Temasek and BlackRock among others. Emails sent to Snapdeal and Credit Suisse did not elicit any response. PremjiInvest the personal investment arm of Wipro chairman Azim Premji and a minority investor in Snapdeal -- had written to the company seeking greater clarity on the deal terms. It has also called for equal treatment of ...

TATA Group is Looking To Acquire Air India

22Jun By PriyankaNo Comments

BUSINESS

TATA Group is Looking To Acquire Air India

Tata group is believed to be discussing buying a stake in debt-laden Air India amid the government looking at various options, including full or partial privatisation, to revive the national carrier, sources said. When contacted, a Tata group spokesperson said, "We dont comment on speculations." Tata's already have two airline joint ventures Vistara and AirAsia India. Staying afloat on taxpayers money, Air India has been in the red for long and various proposals, including government think-tank Niti Aayog suggestion for complete privatisation, have been made. Sources said Tata group is evaluating options on buying stake in Air India. In this regard, there have been internal meetings as well as meetings with government representatives, sources added. There was no official word f...

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...

Angry Birds Maker Rovio Says IPO Possible in Future Amid Acquisition Rumors

18Jun By reutersNo Comments

News

Angry Birds Maker Rovio Says IPO Possible in Future Amid Acquisition Rumors

Finnish mobile game and animation studio Rovio, maker of the Angry Birds game, said it could list on the stock exchange in the future, while declining comment on a media report that China's Tencent Holdings was looking to acquire the company. Technology news site The Information, citing unnamed sources, reported that Tencent was exploring a possible $3 billion bid for Rovio and also said Rovio may consider an IPO. "We and our shareholders regularly assess different alternatives to further develop Rovio," the company said in an emailed statement on Friday when asked about The Information report. "A stock exchange listing at some point in the future could be possible in order to support the continued strong growth of Rovio and its strategic targets. However, Rovio and its owners hav...

Flipkart-eBay India Deal Gets Indian Government Nod

16Jun By Ankita SinghNo Comments

BUSINESS

Flipkart-eBay India Deal Gets Indian Government Nod

E-commerce major Flipkarts proposed acquisition of eBay India has received approval from the Competition Commission. Besides, the fair trade regulator has given nod to eBay Singapores subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart. In a tweet, the Competition Commission of India (CCI) said that it has approved "subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart". As per the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent share capital of eBay India by Bangalore based e-commerce firm Flipkart. The transaction also involves the acquisition of certain compulsorily convertible preference shares of Flipkart by eBay Singapore, as per the notice. Earl...

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.

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...

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...

DigitalF5 Acquires Delhi Based Digital Marketing Company AdClear

31May By AdityaNo Comments

ACQUISITION

DigitalF5 Acquires Delhi Based Digital Marketing Company AdClear

DigitalF5, the leading digital innovator with vast expertise in the domains of Design & Content, Marketing and Technology, has recently acquired AdClear, a Google Partner Company specializing in the domain of performance digital marketing. Incepted in February 2017, AdClear, despite being a new entrant, has equipped itself with an emphatic understanding of the performance marketing domain and has established a strong foothold in the market of New Delhi. AdClear founder member Ajay Anand’s 14+ years of industry experience and the organization’s domain specific expertise will definitely help to widen the reach of DigitalF5 in New Delhi, where it aims to augment its market share. Ajay Anand, a Google certified professional, GNIIT and an M.B.A from Sikkim Manipal University, has utilize...

TeamLease Acquire 30% Stake in Freshersworld.com

30May By PriyankaNo Comments

ACQUISITION

TeamLease Acquire 30% Stake in Freshersworld.com

Staffing services firm TeamLease Services will acquire 30 per cent stake in job portal Freshersworld.com at an enterprise valuation of Rs 18 crore, a move that will accelerate its hiring strategy. "Freshersworlds enterprise valuation is Rs 18 crore and we have taken 30 per cent stake towards that valuation and the acquisition of further stake in Freshersworld or complete exit is linked to future performance and key product milestones over the next three-year period," TeamLease Services executive vice-president Rituparna Chakraborty said. Generally, enterprise value is a measure of a companys value. The deal is structured as an all-cash tender financed with the existing cash reserves of TeamLease, a company release said, adding the transaction is subject to regulatory approvals and is...