Brightcom acquires MediaMint for Rs 566 crore in cash-and-stock deal

Hyderabad-based adtech company Brightcom has acquired 100 per cent of digital marketing firm MediaMint in a cash-and-stock deal of about Rs 566 crore.

According to the definitive agreement, MediaMint shareholders will get Rs 360 crore in cash, Rs 170 crore in Brightcom stock and Rs 36 crore will be paid within six months from closing of the deal.

MediaMint has over 1,300 employees and boasts of international clients such as Pinterest, New York Times, Netflix, Cox Automotive and Expedia, among others. The acquired company expects its FY22 revenue to be at Rs 187 crore.

Its leadership team will continue to work with the business except Mediamint Co-Founder Aditya Vuchi who will leave the company six months after the transaction.

"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," said Suresh Reddy, Chairman of the Brightcom Group.

Brightcom has 25 office locations and has about 1,700 employees and consultants worldwide. Its clientele includes  Airtel, British Airways, Coca-Cola, Hyundai Motors, ICICI Bank, ITC, among others.

In the past one year, Brightcom’s share price has rocketed 3,300 per cent  year to date--from Rs 4 last year to Rs 139 at the end of the trading day today.