Directi's Media.net on acquisition spree
“We have acquired four companies in the last three years via Media.net. Now, we have bid for another company in the advertising technology space in the United States and hope to hear something from the company within the next 2-3 months,” Directi co-founder and chief executive officer Bhavin Turakhia told Deccan Herald.
The previous acquisitions have ranged from $4-40 million and one of them was a technology company, Turakhia added. According to Turakhia, Zeta, which is also one of the business units of Directi, will see further investments and he is open to funding from strategic players.
“We have invested $19 million in Zeta so far and the business will require further funding going forward. The investments so far have been through internal accruals of various businesses but we are open to outside funding if it is strategic in nature,” Turakhia said.
“We will decide on the quantum of funds to be invested in the next 4-5 months, as the funds would need to be invested in the company in the next one year,” Turakhia added.
According to Turakhia, the digital tax benefit and rewards solution market is a $15 billion, out of which only $1-2 billion has been explored so far and Zeta is hoping to increase the company’s share of existing pie as well as the growing pie.
Zeta is one of the latest venture of Directi. The company has unveiled three new digital solutions in the employee tax benefits and rewards space. These new solutions are expected to simplify how companies manage medical claims and reimbursements, how employees receive tax-free gifts from their companies and how companies manage their incentives and rewards programme for employees.
Directi is a conglomerate of tech companies having presence in India, US, China, Dubai and Europe. Its portfolio companies including Ringo, Flock, Zeta, Radix, Media.net, Skenzo and Codechef.