Hyderabad, Dec 4 (UNI) Ybrant Technologies, an end-to-end digital marketing service provider, today announced that it has started the acquisition process to buy out Oridian, an online media solutions provider, for US Dollar 13 million.
The definitive agreement that the company signed awaits the final approval of Oridian shareholders.
''Oridian will enhance Ybrant's footprint in the fast evolving global markets,'' Ybrant Technologies Limited Chairman Suresh Reddy told reporters here. The company expected to complete the acquisition in the next six months.
Oridian, with over nine billion monthly impressions, has a worldwide inventory and access to millions of users in various continents. It's a privately-owned top 10 network with access to over 80 million monthly users worldwide; offices in North America, France, Israel, Argentina, Germany and the UK, and representatives in Australia, Italy, Belgium and the Netherlands.
Ahead of the acquisition, the company alloted 2.5 million shares at Rs 325 per share to Sansar Fund, a New York-based private equity-hedge fund player, which invested USD 20 million to pick up 16 per cent stakes in Ybrant, valued at USD 125 million.
The company had filed the Draft Red Herring Prospectus with SEBI in September to enter the Indian capital market through an Initial Public Offering (IPO) to part finance the Oridian acquisition.
It also proposed to acquire three more companies with the IPO, which would be through the book building process, Mr Reddy added.