PreMedia Global raises $4 million in private equity
– Integration of previous acquisition completed
– Poised for further growth with new vertical organization
Chennai, August 06, 2008: PreMedia Global Inc, a high-end content services KPO firm, today
announced that it has completed the integration of GGS Book Services, a company it acquired
earlier this year, and is now poised for further organic and inorganic growth. Consequently,
the company has raised growth capital of $4MM from NEA Indo-US Ventures. In conjunction with
the $18MM invested by JM Financial in January of this year, the investment by NEAIUV provides
PreMedia with additional funds for expansion.
Subsequent to the acquisition of GGS, PreMedia has completed an internal re-organization and adopted
a vertical structure, based on the market segments served. This structure is scalable as PreMedia
begins to expand its services into new market segments such as corporate, legal and financial content.
PreMedia is also set to expand horizontally - by adding services such as media services, animation and eLearning. PreMedia is currently scouting for acquisition targets in these markets/services in Europe, US and India. The investment by NEAIUV provides growth capital to fund the company's organic and inorganic growth plans. Kumar Shiralagi will join PreMedia's board of directors as NEAIUV's nominee.
Commenting on the investment, Kapil Viswanathan, Co-CEO, PreMedia Global, said "We are delighted that PreMedia's strong track record and management team has attracted new backing from NEAIUV. NEAIUV brings to the table substantive entrepreneurial experience in creating and growing companies to global scale, and this will be of immense value to PreMedia as we pursue our plans."
Kumar Shiralagi, Managing Director, NEA-IndoUS Ventures said, "PreMedia is a clear leader in the content-services KPO space, and has an excellent track record and significant growth potential. Our strategy has been to invest in leaders in each category we consider, and PreMedia Global clearly has great opportunity to be a winner."
Earlier this year PreMedia Global acquired GGS Book Services, a division of GGS Information Services, Inc. This acquisition positioned PreMedia as the undisputed market leader in the educational publishing services industry, with nearly 1000 employees spread across seven locations in the US in India. PreMedia recently expanded its Chennai operation with a new state of the art facility in Ascendas IT Park with capacity to seat 750 people over three shifts. PreMedia is currently the only firm to provide end-to-end services in design, development and production to each of the big four publishers - Thomson / Cengage, Pearson, McGraw-Hill and Houghton-Mifflin / Harcourt.
PreMedia has completed three M&A transactions in the past 18 months - Beacon Publishing Services in Ohio, Westwords in Utah, and Prepress Company Inc in Massachusetts.
About PreMedia Global
PreMedia was founded in 2005 by Kapil Viswanathan and Kami Narayan, siblings whose father the late S. Viswanathan was the chairman of Enfield India. Kapil and Kami are both MBAs from Harvard. Kapil also has a masters degree in engineering from Stanford, while Kami was a gold-medalist at National Law School of India in Bangalore. PreMedia Global has grown from a six-person startup in 2005 to a global market leader employing nearly a thousand people, within a short span of time.
About NEA-IndoUS Ventures
NEA-IndoUS Ventures is a venture capital firm based out of Bangalore, India and Silicon Valley US. The firm is dedicated to creating technology and technology enabled innovative companies out of India that serve both the Indian and the global markets. The firm invests in early and mid-stage companies. The firm's partners have the unique experience and expertise to nurture entrepreneurs and actively help the development and scaling of promising companies. In addition, a significant partner in this fund is New Enterprise Associates (NEA) who is a sponsor and active advisor. This network of collective relationships and experience is an invaluable asset to entrepreneurs and portfolio companies. For additional information, please visit www.neaiuv.com