RK Swamy Hansa acquires stake in i-Vista DigitalNovember 11th, 2008 - 11:17 pm ICT by IANS
Bangalore, Nov 11 (IANS) Leading advertising and marketing agency RK Swamy Hansa has acquired a strategic equity stake in enterprise solutions provider i-Vista Digital Solutions Ltd to jointly offer a slew of services, a top company official said Tuesday.Though both companies declined to divulge the price and valuation for the 40 percent stake to be acquired in two stages, this is the first time the family-owned i-Vista is diluting its holding.
“We will have a 26 percent equity stake in i-Vista in the first stage and increase the holding to 40 percent over the next two years in line with the growth in business and future prospects,” RK Swamy BBDO Ltd chairman and managing director Srinivasan K. Swamy told reporters here.
The 12-year-old i-Vista offers customisable products such as iMorfus, an intranet solution, i-Scribe, a content management system and who’s on call and a roaster management system to industry verticals spanning hi-tech, healthcare, retail, manufacturing and lifestyle.
“The strategic partnership will avoid us reinvent the wheel and help us enhance our service offerings to 200-plus clients in the sub-continent and about 20 in the US,” Swamy asserted.
As the largest Indian market research firm, the Rs 6.5-billion Swamy Hansa group has multiple divisions to provide a range of services in communication business. With a growing presence in the US where it has acquired GCR Custom Research for an undisclosed amount recently, the company will market i-Vista products to its marquee clients such as HP, AMD, Xerox and Textronix.
“The partnership with Swamy Hansa will strengthen our presence in the US market to cross-sell and up-sell. With business automation becoming central to enterprises across verticals, our suite of products will improve their efficiency, optimise productivity and enhance return on investment,” i-Vista founder and chief executive Narayan Rajan said.
“We are targeting Rs.200 million revenue by the end of 2010-11 from Rs.50 million in 2007-08. Our headcount will also be ramped up to 150 in the next three years from 60 currently,” Rajan added.