Percept parts ways with ‘Netweb Solutions’; earmarks US$ 10 million for its new media offering

Percept has announced the exit of WebPercept from the group, as a part of its restructuring strategy in the ‘Percept Media’ domain. Percept had tied up with ‘Netweb Solutions’ for creating ‘WebPercept’ in the year 2000 with a majority shareholding stake. Percept has also announced the earmarking of US$ 10 million (which converts to Rs 45 crores in Indian rupees) as investment towards the start-up or acquisition in the ‘New Tech Media’ domain, which will focus on online and interactive communications including gaming, mobile and net.

Commenting on the development, Harindra Singh, Vice Chairman and MD, Percept Holdings said, “The opportunities in the ‘New Tech Media’ domain today are immense and we believe we need to go aggressive in this domain. Percept will shortly announce the ‘New Tech Media’ offering in conjunction with its 360-degree offering of ‘Percept Media’.”

WebPercept had been providing online communication solutions during its seven-year existence. “We have had a satisfying and productive relationship with Netweb Solutions. It is now time for us to move on and pursue our own ambitions,” added Singh.

This announcement is part of Percept’s restructuring in its business to have a full independent integrated media service offering. The official communiqué also informs that post the completion of the restructuring ‘Percept Media’ is set to cross US$ 100 Million in capitalised billings by end of year 1 of operations.

Under the agreed plans, Percept has transferred its majority stockholding to the Partner at WebPercept. Percept will withdraw the name ‘Percept’ from ‘WebPercept’ with immediate effect but will retains the right to use the brand name ‘WebPercept’, if need be, in its future ventures in the ‘New Tech Media’ domain.