Brightcom Group hit upper circuit on plans to acquire leading digital marketing company

The shares of Brightcom Group Limited hit 5 per cent upper circuit on Thursday after the company announced that it has signed a letter of intent (LOI) to acquire a digital marketing services company based out of India.  

In a press filing to BSE, the company stated that it is set to acquire digital marketing services company based out of India with 1,100 employees and premium clients such as Netflix, Disney, Bitly, Hulu & The New York Times. However, the name of the target company has been kept confidential in light of the confidentiality clause of the LOI.  

The said target company operates out of India, the US & Europe, and partners with clients for their product strategy, product development as well as operational support needs. It displays video and mobile advertising for ad agencies & publishers and also works closely with creative agencies, media buying firms as well as analytics suites to deliver results for top brands.   

Reacting to this news, the stock of Brightcom Group Limited locked at its upper circuit of 5 per cent during today’s morning session. Thereafter, trading was suspended at Rs 30.15 per share, up by 4.87 per cent or Rs 1.40 per share. The stock’s 52-week high is Rs 30.15 while its 52-week low is Rs 4.71 on BSE.