Ybrant Tech to raise $50 m
The Hindu Business Line
Hyderabad March 27, 2008 – Ybrant Technologies plans to raise about $50 million to part-fund two more acquisitions.
The Hyderabad-based company, providing online marketing tools and services, has decided to take this route to raise funds, after postponing plans for its maiden IPO.
Ybrant had earlier filed a Draft Red Herring Prospectus.
However, with the market conditions not being conducive , it has postponed the move and is looking at another round of funding to meet the acquisition requirements, Mr Suresh Reddy, Chairman, said.
The company had a big part of the growth coming through acquisitions and concluded about four in the last two years, each time adding a new specialisation, geography and service.
Mr Reddy, told Business Line “we expect to close at least two more acquisitions within three months – one in the area of affiliate marketing and the other possibly in mobile media space.”
The company’s earlier acquisitions include Ad Dynamics for $10 million, Serbian company VoloMP ($2.2 million), Medios One ($4 million) and Oridian ($13.5 million).
The company has expanded its portfolio of technology services and digital marketing solutions and expects to play the entire chain of online advertisement related business – display, search, e-mail, affiliate marketing and co-registrations.
Founded in 1999 as US Greetings, the company has had two rounds of funding totalling $30 million.
More Info:Ybrant Tech to raise $50m