HT Media to acquire VCCircle, TechCircle to drive synergies across biz
- IBEF
- July 30, 2020
HT Media plans to acquire Mosaic Media Ventures, which operates news platforms VCCircle and TechCircle.
This strategic acquisition of an emerging company will drive synergies across businesses.
According to HT Media’s regulatory filing, "The board of directors accorded approval to invest up to Rs 6 crore (US$ 0.85 million) post working capital adjustment, and revenue linked milestones payment up to Rs 1 crore (US$ 0.14 million) on deferred basis, to acquire 100 per cent of paid up share capital of Mosaic held by NWS Digital Asia PTE Ltd and News Corporation (sellers), subject to finalisation of definitive agreements.
The company added that, through this acquisition, it expects to "scale VCCircle and TechCircle to augment Mint's tech and deals content editorial capabilities". It will also use HT's reach to augment VCCircle's events business and scale up database and research business.
It plans to decrease the cost and increase revenue through this acquisition.
Mosaic Media Ventures was founded in the 2007 and is engaged in operating news platform (VCCircle and TechCircle), providing subscription-based research databases (VCCEdge and SalesEdge) and the events business.
The deal is expected to be completed before August 30, 2020.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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