Ybrant to acquire Oridian for 13 million dollars

Ybrant to acquire Oridian for $13 million

Dec 05, 2007 Mergers and Acquisitions

Hyderabad-based e-marketing solutions company, Ybrant Technologies, is all set to acquire Israeli online media solutions company, Oridian, for $13 million. The agreement is pending for approval from Oridian’s shareholders.

While $1 million has been paid to a trust account of Oridian, $2.5 million is to be paid at the time of closing the deal in a week. Around $6 million will be released in 90 days from the date of closing and the remaining in nine months from then.

Oridian, a privately-held company based in Israel’s IT hub Herzliya, has 60 shareholders. Ten per cent of the equity is owned by its CEO Jacob Nizri and his management board, and the rest by Israeli venture capital firms including Challenge, Infinity Fund and Invitech, through which the company raised $6.3 million in 2001.

Ybrant clocked revenues of $24 million last year with a bottomline of $6 million. It forecasts around 50% growth in revenues, organically.