Earlier today, The Economic Times ran an article that Adepto Solutions has been acquired by cloud solutions company Minjar. Ever since, Minjar CEO Vijay Rayapati has been fending calls from people curious about the deal.
But did the deal really go down? Actually, not.
“We deny this news as we never had any acquisition related talks with Adepto team,” he told NextBigWhat in an e-mail. He said that his discussions with Adepto was on a personal level and there was very little strategic fit between the two companies. We’d seen the Microsoft Accelerator’s press release which said that Adepto was acquired as well. However, we thought it might be prudent to check with either Adepto or Minjar before running the story.
Kiran Kumar, the Co-Founder of Adepto, told NextBigWhat
We have not closed with Minjar and are in discussions with an interested party. I will surely let you know if there are positive developments.
That seals it right? No deal.
Quick Recap of the PR Goof-up
The PR was issued by Microsoft Accelerator which carried the following detail (and from what we are told, the acquiring company name, i.e. Minjar was mentioned at the press meetup)
We had handpicked them from 450+ applications. Basis our learnings from batch one, we made several improvements in our program, e. g. including more seed stage/angel investors as lead mentors, sharper focus on product definition and roadmap and stronger UX support. All these have helped this batch immensely as they prepared to take a significant leap into the global marketplace. In fact, one of them, Adepto, just got acquired!” [Mukund Mohan, CEO-in-residence, Microsoft Accelerator]
As far as NextBigWhat is concerned, we typically talk to companies for more details (than merely look at the PR) and our email to Kiran (Adepto) went unanswered till the ET news got published.
TL;DR : Minjar hasn’t acquired Adepto.