After the acquisition, MediaMint will continue its strong trajectory serving its growing list of enterprise and market-leading clients.
Brightcom Group Ltd, the Ad-Tech industry, has announced the signing of a definitive share purchase agreement to acquire 100% of Vuchi Media Private Limited, operating under the brand name of MediaMint.
Founded in 2010, MediaMint is a bootstrapped company and has never raised any external capital. It supports display, video, and mobile advertising services for ad agencies, publishers, and platforms. The Company works closely with creative agencies, publishers, media buying firms and analytics platforms to deliver results for top brands. MediaMint has offices in India, Poland and the US.
MediaMint is an end-to-end digital consulting and digital operations provider specializing in Ad Operations, Campaign Management, Creative Services, Data Analytics, Platform Support, Dev Ops, and more.
Brightcom Group acquired 100% of MediaMint for about Rs 566 crores in cash and stock.
- Rs 360 crores in cash to be paid at closing.
- Rs 170 crores in BCG stock.
- Rs. 36 crores to be paid in six months from closing.
MediaMint’s Revenue for the FY22 March ending is expected to be Rs 187 crores.
After the acquisition, MediaMint will continue its strong trajectory serving its growing list of enterprise and market-leading clients. MediaMint’s leadership team, including Neelima Marupuru, Anush Kumar, Jason Riback and Aashay Paradkar, will continue to help guide the rapid growth of the business. Aditya Vuchi, Co-founder, will stay on for six months to ensure a smooth transition.
“MediaMint will enable us to build more robust solutions and bring them to our customers faster. Additionally, we see the potential for strong organic growth in MediaMint’s backend services business as well. They have built an excellent operation that can scale easily due to their high-quality systems. Further, the acquisition enhances our M&A strategy by having a more robust backend support model to improve future targets’ operating efficiencies and expedite other synergy realization efforts. The MediaMint acquisition will be immediately and meaningfully accretive to our earnings,” said Suresh Reddy, Chairman of the Brightcom Group.
“We are excited to join the Brightcom Group,” said Neelima Marupuru, Co-founder of MediaMint. “Brightcom’s history of developing and growing technology and operations business fits well with our ambition to expand the capabilities and access to talent in new regions.”
“Our clients will continue to rely on the same great service and support from MediaMint, and we will now have the capacity to accelerate, even more, to enhance the flexibility, scalability and efficiency we endeavour to deliver to business leaders around the world,” said Jason Riback, President at MediaMint. “We look forward to working alongside the BCG team to drive long term growth at the combined Company.”
“MediaMint’s founders Aditya and Neelima, along with the Company’s executive management team, have built a top-tier organization. We believe adding them to the BCG family will benefit all parties. I want to take this opportunity to welcome them to our organization,” said Peshwa Acharya, President of Brightcom Group.
Tempus Legal is serving as the legal counsel and EY as exclusive financial advisor to Brightcom Group in this transaction.
Sathguru Management Consultants acted as sole transaction consultant for MediaMint.
As the Advertising and Technology sector worldwide is witnessing massive growth due to an accelerating shift to online marketing, propelled by the pandemic. Brightcom’s management is proactively expanding its backend capabilities to increase its capacity to capture new opportunities and execute on the strategic needs of its clients globally.
The addition of MediaMint’s digital marketing operations experience will strengthen the Brightcom group’s backend in supporting the anticipated sharp growth of the business across various sub-sectors of Digital advertising and media.
MediaMint employs over 1300 employees, servicing reputed international clients such as Pinterest, New York Times, Netflix, Cox Automotive and Expedia, to name a few.
Source: Business World