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Endurance International Group, a US-based provider of cloud-based solutions, has completed the acquisition of Web business of Directi. The financial terms of the deal were not disclosed.
The acquisition includes business-to-business brands ResellerClub, LogicBoxes and webhosting.info, and web presence brand BigRock, Directi said in a statement.
The acquisition allows Endurance to “double down” its investment in emerging markets and to bring the power and the promise of the web to small businesses around the world, it added.
“We believe this acquisition represents an excellent opportunity for Endurance to expand its footprint and positions us for further growth,” Endurance Chief Executive Officer Hari Ravichandran.
“Directi has managed to build a blue chip organisation without losing their entrepreneurial spirit. And in fact, the Endurance team intends to learn from Directi’s approach to developing new markets,” Ravichandran added.
In September last year, Nasdaq-listed Endurance International said in a filing with the US market regulator Securities and Exchange Commission that it had signed an agreement to acquire Directi Web Technology Pvt Ltd for about $100-110 million (₹630-693 crore).
Under the agreement, Endurance would pay in cash or a combination of cash and shares (based on the seller). The acquisition was expected to close by the fourth quarter of 2013, it had said.
Endurance International, a company founded in 1997 by Indian-origin Hari Ravichandran, owns a slew of online sites such as Domain.com, iPage and HostGator.com among others. The company is controlled by investment firms Warburg Pincus and Goldman Sachs.
The Mumbai-based Directi is a Web products development company, founded by Bhavin Turakhia, who heads the company as its Chairman and Chief Executive Officer.
Turakhia, along with his brother Diyank, had set up the company in 1998 with an investment of ₹25,000.
Directi provides Web presence solutions to small and medium business in India, US, Turkey, China, Russia and Indonesia, and employs more than 1,000 personnel. It has more than one million customers across the world.
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