HT Media Limited has acquired Mosaic Media Ventures, which runs VCCircle and TechCircle.
The Board of Directors at its meeting held on July 28, 2020, accorded approval to invest up to Rs 6 crore post-working capital adjustment, and revenue-linked milestones payment up to Rs 1 crore on a deferred basis, to acquire 100% of paid-up share capital of Mosaic held by NWS Digital Asia PTE Limited and News Corporation (âSellersâ), subject to finalisation of definitive agreements.
Mosaic was incorporated in the year 2007 and reported a turnover of Rs 9.1 crore in FY18, Rs 14.0 crore in FY19 and Rs 14.5 crore in FY20.
The company informed BSE in its filing that the acquisition will be done in cash and completed by August 30, 2020.
HT Media will acquire and scale VCCircle and TechCircle to augment Mintâs tech and deals content editorial capabilities. The company will use HTâs reach to augment VC Circleâs events business.