GETIT Infoservices has acquired Network18 Group’s local search businesses – Infomedia Yellow Pages and AskMe for an undisclosed amount. Getit stated that the combined entity will be called as Getit Infomedia, and will be wholly owned by shareholders of Getit.
Getit investors include Malaysia based Astro Group, a cross media group with presence in DTH TV services, commercial radio and TV programming that owns 75 per cent stake, and Helion Venture Partners, a leading VC fund.
Announcing the transaction, Raghav Bahl, Managing Director, Network18 said, “The divestiture of Infomedia Yellow Pages and AskMe is a reflection of our commitment to profitably monetise non-core assets for the benefit of our shareholders and to also facilitate the growth of these businesses to the next level. We would like to convey our best wishes to the team as they embark on the next phase of their journey.”
ASK Me allows people to search for companies, products and services online as well as on phone, while Infomedia Yellow Pages is an online local search service that helps buyers find businesses.
Earlier, Network18 had also sold its stake in one of the Capital 18 investee companies, NetworkPlay and partially diluted its stake in Bookmyshow.com.