Software firm Datamatics Global Services (DGSL) today said it has entered into an agreement with multimedia content solutions company PreMedia Global (PMG) to merge their data publishing and e-retail business.
"DGSL and PMG group (Lexicon Publishing Services Pvt Ltd) are pleased to announce the signing of a framework agreement relating to the merger of the digital publishing and e-retail services business of Datamatics and PreMedia Global," DGSL said in a BSE filing.
This combination creates a company with more than 3,000 employees and associates across 10 global locations, including New York, Boston and Ashland (Ohio) in the US, Grisheim in Germany, Gimaocani in Bosnia and Chennai, Mumbai, New Delhi, Pondicherry and Nashik in India, it added.
"A new name and brand, representing the unique strengths and entrepreneurial energy of the merged entity, will be announced shortly," it said.
The existing portfolio of customers includes three of the top ten e-retailers and five of the ten largest publishers in the world, it added.
The combined entity is promoted by a strong management team comprising DGSL Chairman Lalit Kanodia, PMG co-founder and co-CEO Kapit Viswanathan and PMG co-founder and co-CEO Kami Narayan, DGSL said.
JM Financial and NEA Indo-US Venture Capital, investors in PreMedia Global will continue to remain invested in the merged entity.
This merger is subject to all regulatory approvals. Edelweiss Financial Services acted as sole advisor to Datamatics, it added.
