#Dealwire is your dose of notable M&A activity in the technology ecosystem. The firms featured in this segment include Media.net, Miteno Communication, Spice Group, Saholic, Beijing Digital Telecom, Postergully, Scale Ventures and Guerrilla Ventures
China-based Consortium Buys AdTech Firm Media.net for $900M
Former Directi’s Co-Founder Divyank Turakhia’s Ad-Tech firm Media.net has been acquired for $900 million by a consortium of Chinese investors. It was an all cash transaction led by Zhiyong Zhang, Chairman, Miteno Communication Technology, a listed TMT business.
Media.net is a profitable firm which manages over $450 million of annual advertising revenue via its platform, with 90% of its total revenue comes from the U.S. The deal is being touted as the biggest acquisition in the Ad-Tech space.
Media.net was founded in 2010 by Divyank Turakhia, who had previously founded Directi Group with his brother Bhavin Turakhia. Directi and its products were acquired by Endurance Group in 2014 for a sum of $140 million. Read More
Chinese Handset Retailer Acquires Spice Group’s Online Retail Arm Saholic
China-based handset retailer Beijing Digital Telecom has acquired a 49% stake in Spice Group’s eCommerce subsidiary Spice Online Pvt Ltd, that runs as Saholic.
Saholic, which was launched in 2011, is an online store for mobile phones, laptops, tablets and electronic accessories. The terms of the deal haven’t been disclosed yet. Read More
Promoters of Asian Business Exhibitions and Conferences Acquire Postergully
Online marketplace for merchandise from artists and designers, Postergully, has been acquired by Sumit Gandhi and Manish Gandhi, promoters of Asian Business Exhibitions and Conferences (ABEC). The terms of the deal are undisclosed.
Delhi-based Postergully was founded in 2012 by Bharat Sethi. Post completion of the deal, Sethi will continue to serve on the board of the company but will move out of the daily operations. He will take up the position of Chief Executive Officer at Gandhi-duo backed iDecorama. Read More
VC Firm Scale Ventures Acquires Guerrilla Ventures
Delhi-based early stage venture capital firm Scale Ventures has acquired angel investment firm Guerrilla Ventures. Guerrilla Ventures was founded in 2013 by Ritesh Malik and has invested in 21 ventures till date, including Malik’s co-working space Innova8.
Scale Ventures is a new VC firm founded by Nilesh Rathi of Rathi Group of Companies and Rahul Narvekar, ex- CEO, IndianRoots. The fund is obtaining registration from SEBI under category 1 AIF for a corpus of Rs 100 crore. Read MoreCategory Business News