News Corp announced the signing of a definitive agreement to acquire VCCircle Network, which includes VCCircle.com, Techcircle.in, VCCEdge, VCCircle Training, in addition to a premium content-driven conference business, the global media giant said in press statement on Sunday.
The terms of the acquisition, which is expected to close in March, were not disclosed.
“This important investment is a sign of our faith in India’s future and our enthusiasm for working with and building up emerging talents in the country,” said News Corp Chief Executive Robert Thomson. “India is an increasingly meaningful part of our portfolio, which is itself increasingly digital and global.”
“For the past decade, we have built a strong franchise with proprietary data, information, content, and networking capabilities around India’s digital business world,” said PV Sahad, founder and chief executive officer of VCCircle Network. “Being a part of News Corp will now allow us to accelerate our already aggressive growth plans.”
VCCircle Network is owned by Mosaic Media Ventures and has about 100 employees across India, with its headquarters in Noida. Sahad and the management group will become part of News Corp’s India team. Sahad will report to Raju Narisetti, News Corp’s senior vice-president, strategy.
The VCCircle acquisition builds on News Corp’s recent digital investments in India. In November, News Corp acquired a 25 per cent stake in PropTiger.com, India’s leading online residential real estate platform. In December, News Corp acquired BigDecisions.com, which aims to help Indian consumers make smarter financial decisions through interactive, decision-making tools powered by sophisticated algorithms and data. News Corp also has a presence across India through its Dow Jones, Wall Street Journal and HarperCollins Publishers businesses.
|THE VCCIRCLE NETWORK|