Hyderabad based Ybrant Digital’s bid to buy three web properties from Experian for $ 175 million in May this year is off, according to a filing at the Bombay Stock Exchange. The company seems to have run past the deadline to pay for the acquisition.
Earlier in May, the company had entered into an agreement to buy Experian’s PriceGrabber, LowerMyBills, and ClassesUSA.com. The proposed buyout was aimed to add business of $283 million and an employee strength of over 300.
According to the BSE announcement, company has informed that proposed deal to buy the Experian properties could not be completed within the committed timeframe. On the other hand, Experian termed the expiration of final deadline for payment as a breach of contract.
Experian’s, PriceGrabber is a price comparison shopping business which powers Yahoo! and MSN shopping, LowerMyBills offers savings through relationships with more than 500 service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and wireless services. ClassesUSA.com, is an online higher-education portal with 2 million visitors and 300 accredited college and university partners.
With the buyout deal falling flat, Ybrant’s ambition to double its revenue, spreading its wing to international market and developing a world class lead generation platform comes to a halt.