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Digital publishing firm Newgen KnowledgeWorks secures $32.8M from Carlyle Group

Chennai-based digital publishing firm Newgen KnowledgeWorks has raised $32.8 million from the Carlyle Group in return for 54.85% stake in the company. Carlyle mentions that it has acquired the stake owned by Franklin Templeton Private Equity Strategy, Aureous South Asia Fund and ePlanet Capital in the company.

Note that Carlyle had earlier exited from Newgen by selling its majority stake to these three investors in July 2011. It’s not clear whether Carlyle has picked up the same stake it had previously sold to these investors, although an Economic Times report suggests it has picked up the same stake. Carlyle had previously picked up undisclosed majority stake in Newgen’s holding company Outfield Knowledge Works for $9.4 million in 2004.

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The report also cites a source who says Carlyle has committed to invest a further Rs 200 crore over the next few years to increase its stake to 75%. It says, Newgen had posted a net profit of Rs 34 crore and revenues worth Rs 120 crore for the fiscal year ended March 2014.

Newgen provides end-to-end publishing services for books and journals which. Their services include content sourcing, content creation, project management, author liaison, development editing, copyediting, design, artwork, ebook delivery, EPUB conversion, mobile app creation and distribution and discovery solutions for content through its offices in India, UK and the US. Its clientele list includes Cambridge University Press, Harvard Business, McGrawHill and MIT Press. The company has 900 employees and in its offices in Bangalore and Chennai.

EPS acquisition: Earlier in October, Bangalore-based publishing services firm MPS acquired editorial and content creation firm EPS in New York. The terms of the deal were undisclosed but MPS had said this move will strengthen its position in North America and help develop a portfolio for the education publishing market.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ