Who is buying BharatStudent.com ? Reliance BIGAdda, MingleBox, Ibibo in race ? Northgate Technologies in trouble
By Manoj Govindassamy on 5 November, 2009, 3:15 am
Ever heard of Northgate Technologies ? Its a Hyderabad based Digital company and is behind some of the well known Indian Web Properties :
1. Bharatstudent.com – Social Networking Site
2. Axill.com – Advertising network
3. Ziddu.com – File sharing
4. Globe7.com – VOIP and net telephony
Nothing seems to go well with this digital company for quite some time. Earlier this year it shut down many of the overseas offices in Singapore, China and USA owing to global downturn and incurred heavy losses.
Back in May 2009, in a filing at Bombay Stock Exchange, the company expressed that its share value doesn’t reflect the real value of some of its highly popular web properties.
According to them,
1. Bharatstudent.com is India Number 1 Student’s Networking and Education site and India’s Number 3 Social Media Portal
2. Ziddu.com is one of world’s top 250 ranked site and has over 200 million page views per month
3. As per ComScore’s April 2009 report, NorthGate’s web properties are accessed by more than 25 million unique internet users.
So, the company was looking out for alternatives especially for BhartStudent.com and Ziddu.com since May 2009. It was rumoured that Reliance ADAG Group was buying the Social networking site – bharatstudent.com, but both the companies later denied it. Deccan Chronicle Holdings was also rumoured to buy this web property.
Meanwhile, company announced last quarter results few days back and the earnings are in deep red. It reported a net loss of Rs.169.9 million in the quarter ended Sep 09 compared to a profit of Rs. 225.46 million in Sep 08.
The report also says – termination of Northgate’s contract for sale of Free Commercial Time (sponsorships of programmes) with Kalaignar TV Private Limited. If you have seen Kalaignar TV and IsaiAruvi TV, they ran some Award and Music Events and had been the Event managers under the name “Social Media”. So, this contract termination means more revenue loss in forthcoming quarters.
Now comes the interesting part. Continue reading next page …
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HR at minglebox has bitchy character
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