In this context, they have canceled the definitive share purchase agreement that was entered into on December 7, 2021, according to a regulatory filing. “Brightcom and MediaMint have jointly decided to change their proposed transaction from acquisition to a possible strategic alliance and provide back-end services to Brightcom’s future acquisitions,” the filing read.
Recent customer additions by MediaMint include several companies in the same industry as Brightcom, which might have an effect on the merged company’s growth potential. As a result, the businesses decided it would be appropriate to explore separate development avenues, according to the petition.
It said that under the revised proposal, Brightcom will not buy MediaMint. In FY22, sales and profitability increased quickly for both MediaMint and Brightcom. The firms concluded that this arrangement would enable them to follow independent growth paths with potential joint ventures, it said.
For Brightcom, this offers the advantage of preserving funds for use in other acquisitions if and when they are completed. This gives MediaMint the opportunity to pursue expansion strategies that may not have been feasible in the absence of this purchase, it added. “A successful growth strategy includes both mergers and acquisitions, and partnerships to drive expansion. We are working out what is better for whatever case, and crucial for a solid RoI,” said M Suresh Kumar Reddy, managing director of Brightcom Group.
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