Lumina Datamatics To Acquire 100% Stake In TNQ Tech In Two Tranches
"The first tranche will cost Rs 336 crore, with the second tranche's price determined by future EBITDA metrics."?
Source: Unsplash
Lumina Datamatics on Monday said it has signed a definitive agreement to acquire a 100% stake in TNQ Tech, a Chennai-based digital publishing technology company. The acquisition is expected to be completed in two tranches, with 80% stake to be purchased by Dec. 31, 2024, and the remaining 20% by July 31, 2026, company MD and CEO Sameer Kanodia said.
"The first tranche will cost Rs 336 crore, with the second tranche's price determined by future EBITDA metrics."?
"This acquisition will collectively strengthen us to over 6,500 employees globally and establish us amongst the dominant service providers in the world of digital content," he said.
Post acquisition, TNQ will become a stepdown subsidiary of Datamatics Global Services, according to a regulatory filing. Lumina Datamatics is a subsidiary of Datamatics Global Services.
Kanodia further said the acquisition will enable Mumbai-based Lumina Datatmatics to strengthen its suite of AI-enabled technology and products.
"In combination with our existing capabilities at the forefront of content workflows by managing the entire publishing process--from content creation to product delivery--this acquisition will enable us to strengthen our suite of AI-enabled technology and products which are used by some of the largest commercial publishers, prestigious learned societies, associations, and university presses, and through them, by millions of authors," he said.
