Online Media Solutions Limited, a wholly owned subsidiary of public listed digital marketing solutions company Ybrant Digital Limited, is evaluating the opportunity of investing in Tel Aviv Stock Exchange-listed online recruitment solutions firm Jobookit, as per a public disclosure.
Ybrant did not share terms of the transaction but said a non-binding Letter of Intent has been signed outlining the general terms and a final definitive agreement will be negotiated and completed tentatively by May 1.
Jobookit's technology delivers resolution to the online recruiting market environment. Its tools include ExactMe, a first search engine to place job seekers in the spotlight, POP CV, a filtering system that assesses ranks and matches resumes that are sent to the employer and SkilliQ, a customisable job board.
Founded in 2008 by Arik Filstein (CEO), the firm reverse listed with stock market shell Danidiv Investments in 2012 and currently trades under Jobookit Holdings Ltd. It has a market cap of around $9 million.
Ybrant itself went public through a reverse merger with BSE-listed IT outsourcing services provider LGS Global Ltd and was listed in July 2012.
Started in 2000, Ybrant offers digital marketing solutions to businesses, agencies and online publishers globally. In the past, the firm had raised funding from Oak Investment Partners, Sansar Capital and GE Asia Pacific Capital.
For Ybrant this would mark a fresh attempt to build overseas assets. In May 2012, Ybrant had entered into a deal to acquire PriceGrabber, LowerMyBills and ClassesUSA.com from London Stock Exchange-listed information services firm Experian. But this deal came unstuck as it was not able to come up with the cash to seal the deal.
Ybrant acquired several global businesses over the past five years, including Lycos (in an all-stock deal in August 2010), Australian ad network Max Interactive and Argentina-based ad network Dream Ad (in 2009), Israeli company Oridian (for $13 million), Serbia-based Seenetix (in 2007), US-based MediosOne (in 2006) and also ad network AdDynamix (for $10 million). The company also picked up minority stake in Israel-based Web 3.0 in an all-cash deal in June 2011.
The Hyderabad-based company reported consolidated sales of Rs 462.38 crore and net profit of Rs 66.29 crore for the quarter ended December 31, 2013.
(Edited by Joby Puthuparampil Johnson)