Japan based NTT Communications Corporation (NTT Com) will acquire 74% of Netmagic Solutions, a leading provider of datacenter services in India. The acquisition is subject to the approval of relevant authorities in India.
All investors have exited and Netmagic founder/CEO, Sharad Sanghi has only sold a very minor stake and will continue to build the company.
The addition of Netmagic Solutions’ datacenter services and sites will expand NTT Com’s capability to provide one-stop ICT solutions in the fast-growing Indian market, as well as accelerate its offering of globally seamless cloud services through expanded ICT infrastructure Asia-wide.
Netmagic Solutions, an experienced provider of managed IT hosting services, currently operates seven datacenters in major Indian cities such as Mumbai, Chennai, Noida (Delhi-NCR) and Bangalore. It provides services such as colocation and managed hosting to more than 1,000 customers, as well as ISP and cloud services to many other customers. The company was named India’s Datacenter Service Provider of the Year 2011 by Frost & Sullivan. Established in 1998, Netmagic Solutions is headed by CEO Sharad Sanghi and operates bases in Mumbai, Bangalore, Chennai and Delhi. It employs about 500 people. The company’s headquarters are located at 2nd Floor, (North Side), Block B-2, Phase I, Nirlon Knowledge Park, Goregaon (East), Mumbai.
The Netmagic Story
At Unpluggd, Sharad spoke at length about Netmagic story and he did talk about IPO and acquisition. Watch the video