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Brightcom Group

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Brightcom Group Limited
Company typePublic
BSE: 532368
NSE: BCG
IndustryDigital Marketing
FoundedHyderabad, Telangana
FounderSuresh Reddy
Headquarters
Hyderabad, Telangana
,
India
Area served
Worldwide
Key people
Kallol Sen
ServicesDigital Marketing services
RevenueIncrease ₹27.06 billion (US$320 million) (2020)
Decrease ₹4.40 billion (US$53 million) (2020)
Total assetsDecrease ₹28.75 billion (US$340 million) (2020)
Total equityDecrease ₹28.26 billion (US$340 million) (2020)
Number of employees
463 (2020)
Websitebrightcomgroup.com

The Brightcom Group is a digital marketing company founded in 2000 and headquartered in Hyderabad, India[1] with offices in US, Argentina, Brazil, Chile, Uruguay, Mexico, UK, France, Germany, Sweden, Ukraine, Serbia, Israel, China, India, and Australia, and with representatives or partners in Poland, and Italy.[citation needed] It ranked 400th in the Fortune India 500 list in 2020.[2]

History

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Founded by Suresh Reddy[3] and Vijay Kancharla[4] as USAGreetings.com in September 1999, the company introduced its first eMarketing product 'Powered by USAGreetings' engine, in November 1999. In June 2000, the company metamorphosed into Ybrant Technologies Inc. In September 2007, the company filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). However, the company decided to put the IPO plans on hold.

In May 2008, Ybrant Technologies integrated all its acquired companies (Oridian,[5] AdDynamix, MediosOne, and VoloMP) and formally changed its name to 'Ybrant Digital'. The reorganization of the company with the name change resulted in the formation of operational divisions Technology Platforms led by Vijay Kancharl[4] and Strategic Initiatives led by Bradley N Cohen.[6]

In December 2009, Ybrant added location-based advertising (LBA) to its services, entering into a partnership with Livevana Innovations & Lepton Software.

In February 2010, Ybrant Digital launched its local search platform in India 'Ybrant Reach' (YReach), starting in Hyderabad.

In August 2010, Ybrant Digital bought the search-based internet company Lycos. At the time, Lycos was a top 25 Internet destination worldwide, reaching nearly 60 million unique visitors globally.[7][8] The Lycos Network of sites and services includes Lycos.com, Tripod.com, Angelfire, Gamesville, and HotBot.[9]

In May 2012, Ybrant Digital announced that it had agreed to purchase PriceGrabber, LowerMyBills, and ClassesUSA.com from Experian. PriceGrabber provides price comparison shopping services for Yahoo! and MSN shopping. LowerMyBills.com offers savings through relationships with over 500 service providers, while ClassesUSA.com is an online higher-education portal. Steve Krenzer would move from Experian to Ybrant to continue to lead these three businesses. Ybrant expected the purchase to nearly double its revenues.[10]

In September 2012, the purchase of PriceGrabber, LowerMyBills, and ClassesUSA.com from Experian fell through.[11]

In March 2016, Ybrant Media Acquisition, Inc., a unit of Ybrant Digital, filed for chapter 11 bankruptcy protection in relation to a $36.6 million loss connected with the acquisition of the Lycos search engine.[12] In 2018, Ybrant lost ownership of Lycos Inc.[13]

In May 2018, Ybrant changed their name to Brightcom.[14]

SEBI issues show-cause notice to Brightcom Group

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The SEBI order restrained Chairman Suresh Kumar Reddy, CFO Narayan Raju, and others from directorial roles. SEBI's investigation exposes fund round-tripping, forged bank statements, and unpaid shares by preferential allottees,[15] including Shankar Sharma. The company is accused of violating company laws, siphoning off loans, and collusive practices by auditors and share transfer agents.

Acquisitions

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Name Date Country Operated in Services Offered
Lgs Global 2011 August India, USA, Europe IT services and outsourcing
Max Interactive 2009 August Australia Display, SEM
Dream ad 2009 May Argentina Display, SEM
Oridian 2008 January Israel, Europe Display
AdDynamix 2007 February USA Display
VoloMP 2007 April Serbia, USA Email marketing/software
MediosOne 2006 November USA SEM, display

References

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  1. ^ "Suresh Reddy, Chairman & Managing Director, Ybrant Digital".
  2. ^ "Brightcom Group - Fortune 500 List 2020 - Fortune India". www.fortuneindia.com. Retrieved 12 January 2021.
  3. ^ "Suresh Reddy". Ybrantdigital.com. Retrieved 16 March 2012.
  4. ^ a b "Vijay Kancharla". Ybrantdigital.com. Retrieved 16 March 2012.
  5. ^ Matomy Media
  6. ^ "Bradley N Cohen". Ybrantdigital.com. Retrieved 16 March 2012.
  7. ^ "Ybrant Buys Lycos for $36 Million". prnewswire.com (Press release). Retrieved 14 February 2015.
  8. ^ "Lycos is Still Around – Sold by Daum to Ybrant in $36 Million Deal". techcrunch.com. 16 August 2010. Retrieved 11 June 2022.
  9. ^ "News". www.businesswire.com. Retrieved 29 September 2023.
  10. ^ "Ybrant to Buy US$283 Million (INR 1500 Crores) Business from Experian" (Press release). 10 May 2012. Retrieved 10 May 2012.
  11. ^ "Experian's PriceGrabber sale falls through". Financial Times. 26 September 2012. Retrieved 26 September 2012.
  12. ^ Brickley, Peg (15 March 2016). "Ybrant Unit Files for Bankruptcy over Price on Lycos Deal". Wall Street Journal.
  13. ^ "Daum Global Holdings Corp. v. Ybrant Digital Limited et al". pacermonitor.com. 8 May 2018.
  14. ^ "Lycos rechristened Brightcom". @businessline. 11 May 2018. Retrieved 7 February 2019.
  15. ^ "Brightcom made a profit by hiding its expenses". Boring Money. Retrieved 20 June 2024.
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Category:Digital marketing companies in Delhi

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