MUMBAI: Hyderabad-based Ybrant Digital has agreed to purchase three Internet brands in the United States - PriceGrabber, LowerMyBills, and ClassesUSA.com - for a consideration of $175 million.
The acquisition will add a business of $283 million and employee strength of over 300, says Ybrant. It will also allow the digital marketing company to nearly double its current revenues.
Ybrant believes it can become the leader in many key digital marketing areas worldwide through these acquisitions.
"By adding these established brands to Ybrant, we will offer interesting new products and a world class generation platform," said Ybrant Digital chairman and CEO Suresh Reddy.
PriceGrabber, owned by Experian, is a price comparison shopping business which powers Yahoo! and MSN shopping. LowerMyBills.com is a one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories. ClassesUSA.com is the leading online higher-education portal with two million visitors and 300 accredited college and university partners.
Steve Krenzer who is president of Experian Interactive, will continue to lead the new group by joining the Ybrant Digital family. “I am very excited to join the Ybrant team. With Ybrant’s global footprint and our leading sites, the combined group will make us the pacesetter globally," said Krenzer.
Experian Interactive is currently one of the top five Internet advertisers in the US and will give Ybrant a foothold in the US market. This is Ybrant’s second successful foray into acquiring premium destination sites. The company successfully acquired Lycos.com in 2010.
Both Experian and Ybrant are committed to completing this transaction as quickly as possible, subject to various conditions and events by Ybrant, including the initiation in trading in Ybrant Digital Limited shares on the Bombay Stock Exchange.
