The global mergers and acquisitions market was sent into a flurry when Google acquired AdMob for $750 million and Twitter purchase MoPub for $350 million. Now the world is witnessing a similar turbulence, with the $900 million buyout of an advertising technology startup, to Chinese investors. Our pride lies in the fact that the two promoters are Mumbai-boys!Thirty-four-year-old Divyank Turakhia and his elder brother Bhavin, who grew up in the suburbs of Mumbai (Juhu and Andheri), turned to web entrepreneurship in their teens. Over time, they managed to strike an all-cash deal to divest their company called media.net and merge it with the Chinese Beijing Miteno Communication Technology. This deal has, ever since, been in the global spotlight. Investments, in the technology sector of India, have been falling. This holds true for Media.net's local rival, Inmobi, which is struggling in the market in spite of its backing by Japan's Softbank Corporation.This is not the first exit that the Turakhia brothers facilitated, the first one coming in 2014, when they sold Directi's web services businesses like BigRock and LogicBoxes for around $160 million. It is also worth noting that after this buyout, younger brother Divyank, who runs Media.net, intends to steer the company, even after the buyout. Elder brother Bhavin, manages the Delhi head-office of Directi, which operates around four separate startups in the web communications and payment systems space.Founded six years ago, Media.net is a joint venture based in Dubai and New York, providing the technological backbone to contextual advertising. offered by the likes. It clocked about $230 million as revenue last year. "The businesses we manage are worth $1.4 billion after today's transaction," Divyank, a Dubai-based NRI, told TOI over the phone from the US.Divyank and Bhavin, whose father is a chartered accountant and mother a law graduate, attended Arya Vidya Mandir school in Bandra. Divyank graduated with BCom from Narsee Monjee and Bhavin from Sydenham college.. However, attending classes was never really their thing. "It was not required. You got distinction just by sitting for exams," Divyank said, reminiscing about the days when they mixed entrepreneurship with studies. To date, they've rolled out 11 startups under the Directi umbrella, having begun their entrepreneurship journey by helping Indian companies build websites and intranet services in the late 1990s. A person who's seen the brothers at close quarters says that despite their lack of an engineering degree, they are brilliant coders. "They've learnt everything, including how to code, on their own," he added.The acquisition of the company will take place in two phases: in the first BMCT chairman, Zhang Zhiyong will lead a consortium of investors to buy Media.net, and in the second, the acquirers will reverse-merge with the Zhiyong's publicly traded firm.
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