Ybrant Technologies, a Hyderabad based digital marketing co has announced its intention to acquire Oridian, an Israeli online media solutions provider for around $13 Million. DNA reports that Ybrant is on an acquisition spree, and is eying three other companies over the next six months. Ybrant is availting SEBI approval for an IPO in India (the draft red herring prospectus here), and prior to the IPO, has raised $20 million in funding from New York based Sensar Capital. Sensar Capital has acquired a 16 percent stake (2.5 million shares) at Rs. 320 each. Ybrant had sales of $24 million last year.
Business Standard adds that the Oridian deal is yet to be approved by Oridian’s shareholders – 60 of them – and so far $1 million has been paid to a trust account of Oridian for the definitive agreement, $2.5 million has to be paid at the time of closing the deal in a week, around $6 million would be released in 90 days from the date of closure and the remaining in nine months from then.” Chief Executive Officer Jacob Nizri and his management board own 10 percent of the equity in Oridian, while the rest is held by Israeli venture capital firms including Challenge, Infinity Fund and Invitech.
Oridian expects revenues of over $20 million this fiscal, and has 60 employees with offices in North America, France, Israel, Argentina, Germany and the UK, and representatives in Australia, Scandinavia, Italy, Belgium and The Netherlands.