Fork Media acquires majority stake in Inuxu Digital Media Technologies

Industry: Media 2016-09-12

BENGALURU: Ant Farm India-backed digital media company Fork Media has acquired a majority stake in Pune-based ad-tech firm Inuxu Digital Media Technologies.

Rajesh Jain-led netCORE Solutions, which owns local language news portal Oneindia and is an angel investor in Inuxu, will remain invested in the company.

The mixed cash-and-equity deal of $3 million gives Fork Media 51 per cent equity in Inuxu, which will continue to work as an independent entity developing products for Fork Media.

In October 2015, Fork Media had acquired hyperlocal Wi-Fi-based advertising network Spid Info Media.

“Lot of our business growth has been through acquisitions as it expedites our journey by 12-24 months,” said Samar Verma, CEO of Fork Media. “We were competing with Inuxu in the in-image advertising space and the acquisition will make us the largest player in the space in Asia.”

The acquisition of Inuxu will be completed over the next two years. The ad-tech company, which works with publishers and brands, will be launching its suite of products in Southeast Asia.

“The immediate plan is to roll-out the self-serve product for small agencies which can campaign on their own,” said Rohit Bagad, CEO of Inuxu. “This will be a pay-per-use model. Also, we are looking to expand the base for native language ads to include international languages as well.”