Seventymm acquires 100% equity of Madhouse

New Delhi, June 6 (UNI) Bangalore-based Online movie rental firm Seventymm today said it has acquired 100 per cent equity of New Delhi-based Madhouse Media Pvt Ltd for an undisclosed amount.

''We are excited about the acquisition and believe that it will further strengthen our strategy. This firmly entrenches our leadership positioning in the market and brings us a step closer to our vision of any movie any time anywhere in India,'' Seventymm's Chief Executive Officer Raghav Kher said.

''The acquisition will help in building a stronger team and provide higher levels of service to our members,'' company's Chief Operating Officer Subhanker Sarker said in a statement.

The company, currently, has operations in Bangalore, Delhi, Chandigarh, Mumbai and Chennai.

Madhouse co-founders, Sameer Guglani and Nandini Hirianniah, have joined the Seventymm management team and will contribute to the business in their respective capacities.

Majority of the existing customers of Madhouse would gradually be transitioned into Seventymm as well.

UNI