Date:31/5/11,
M&A, Strategic Investment,
BenefitsPLUS Media Pvt Ltd, a Delhi based online employee benefits and rewards programme service provider, acquires Snowball eRetail Services Pvt Ltd for undisclosed amount.
Snowballe Retail Services Pvt Ltd founded in 2009, a e-retailer that is accessible only to employees of corporates who are members on the site. benefitsPLUS Media Pvt Ltd, started in 2010, is also a members-only site and offers deep discounts on a number of products and services to employees of member companies as part of custom-made rewards programmes.
With this acquisition, benefitsPLUS Media Pvt Ltd, a subsidiary of technology venture Digivive Services, has access to the members of Snowball Retail Services Pvt Ltd and to the brands that are sold on the portal. Paul Shoker, benefitsPLUS Media Pvt Ltd' CEO said the acquisition "not only provides synergies but enormous economies of scale as well in various areas, especially in securing better and deeper discounts for employees."
After the merger, the companies will function as a single entity.
With this acquisition, benefitsPLUS Media Pvt Ltd, a subsidiary of technology venture Digivive Services, has access to the members of Snowball Retail Services Pvt Ltd and to the brands that are sold on the portal. Paul Shoker, benefitsPLUS Media Pvt Ltd' CEO said the acquisition "not only provides synergies but enormous economies of scale as well in various areas, especially in securing better and deeper discounts for employees."
After the merger, the companies will function as a single entity.
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