Gruner + Jahr acquires Networkplay
Gruner + Jahr, the publishing division of European media conglomerate Bertelsmann AG, has acquired a majority stake in digital ad network Networkplay
Published - 22-March-2012
Gruner + Jahr (G+J), the publishing division of European media conglomerate Bertelsmann AG, has acquired a majority stake in digital ad network, Networkplay, that has presence in internet, mobile and DTH platforms. This is G+J’s second strategic investment in India, having recently acquired the majority of MaXposure Media.
Dr Torsten-Jörn Klein, Executive Board Member and President, Gruner + Jahr International, said, “The expansion of our activities in India is clearly in line with the strategic priorities of G+J. After the acquisition of MaXposure in the print space, G+J is now acquiring Networkplay, one of the fastest growing digital companies in India and follows its strategy to build a combined portfolio of print and digital media activities.”
Networkplay was incubated in 2008 by digital advertising agency Webchutney and funded by Capital18, the venture capital arm of the Network18 Group. Networkplay has also brought global event franchises such as ad:tech and iMedia Summits to India, in partnership with international events company dmg::events.
Kuldip Singh, CEO, Gruner + Jahr India will join the board at Networkplay. Kuldip Singh will also be the CFO of Networkplay. He said, “Networkplay was one of the several companies we were looking at when we decided to build our digital business in India. We zeroed in on it simply because of the brilliant team along with the strategic vision that they had for the company so far. Also, they have shown very attractive growth in revenues in such a short time of their existence.”
Rammohan Sundaram, Founder and CEO of Networkplay shared that his company was delighted to partner with a global company with similar ambition and vision. He said that this partnership was a testimony to Networkplay’s unique proposition, strong execution capabilities and the extraordinary team that it has built over the last few years.
Sidharth Rao, Founder and CEO, Webchutney said, “Ram and his team have built an amazing business from an idea a few years ago. We are very proud to have believed in Networkplay’s vision. A partnership with a leading global company, G+J, will propel Networkplay on a stronger, higher growth path.”
G+J’s Electronic Media Sales (EMS) division is a key player in the digital advertising space in Europe.
BMR Advisors was the exclusive advisor to Capital 18 and Webchutney on this transaction.