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PreMedia gets JM Financial's PE fund backing
By siliconindia
Chennai: PreMedia Global (PMG), a publishing services provider, has secured Rs 72 crore ($18 million) from JM Financial India Fund, a private equity investor. The investment is made in return for giving a minority stake to JM Financial India. The company officials said that the money, which is raised through a holding firm, would be used for expansion and to finance acquisitions, reported The Economic Times.
"The publishing services space is undergoing a consolidation. Our growth strategy is to take advantage of the trend with growing size of the vendors," said Kapil Viswanathan co-CEO, PMG.
PMG has facilities in Chennai and the U.S. state of Ohio. The company's services include project management, copy-editing, graphic reproduction, editorial design, typesetting and conversion of legacy data into XML (extensible markup language). Some 330 of its 500 employees are based in Chennai.
The company also plans to grow organically by offering services such as e-learning and expects to double revenues to $40 million next year. The company also aims at doubling its headcount by September. "We will be moving to a new 240 seat facility at the Ascendas IT park in Chennai in a couple of months, which can accommodate 750 people around three shifts," said Narayan, co-CEO of the company.
With a majority of its operations now concentrated in the U.S., PMG has a natural hedge against the appreciation of the rupee. However, it will explore other markets to counter currency fluctuations in the long term.
In 2005, (the very year of its inceptions) PMG merged with the Ohio-based Beacon Group and shifted its headquarters to the United States. It has since acquired Westwords, a content management company based in the American state of Utah and merged with publishing services provider Prepress. Its clients include publishers such as Pearson, Houghton Mifflin and Wiley.