Lumata India CEO Amit Dey has resigned, and is serving out his notice period. Confirming the development to MediaNama, Dey declined to comment on his next move, and said that Lumata will announce a replacement in due course of time. This, Dey said, is a part of a restructuring for Lumata’s India operations. Buongiorno had sold it’s B2B operations to PE Fund Francisco Partners, and the business was relaunched as Lumata in November 2011.
Mitsui, which was a majority shareholder in Buongiorno’s India business, had exited last year: an October 2011 investor presentation (pdf)from Buongiorno suggests that the Indian operations had revenues of EUR 8 million (around Rs 51 crore at current rates), while Buongiorno Digital had revenues of EUR 20 million (around 129 crore at current rates). Buongiorno had acquired Mitsui’s stake in both businesses (51% in Buongiorno India, and 41% in Buongiorno Digital) for EUR 23 million (around Rs 149 crore at current rates). It then sold stake in the B2B business to Francisco Partners:
Francisco Partners owns 70% in Lumata, while Buongiorno owns the remaining 30%. Lumata has Clearwire executive and Match.com CEO Thomas Enraght-Moony as the helm, and is essentially a mobile marketing company focused on mobile operators, hardware manufacturers and brands. Dey said that during his tenure, he took the company from being in the red to significant profitability, growing the topline two times, with PAT in the 15% and EBITDA in the 30% range.
Lumata India will be integrated with the global team, and a business head is needed here, not a CEO, Dey added, in line with the new investors new strategy.