Paynear acquires GoSwiff

Payment solutions provider Paynear Technologies Pvt. Ltd has acquired Singapore based mobile commerce firm GoSwiff for an undisclosed amount.

Paynear also raised $5 million from Harvard Business School alumnus Deepak Yadav in March 2016. Yadav is the chairman of Yadu Corporation, which has interests in power generation, sugar, distillation, beverages, software technology, real estate, hospitality, and education.

In December 2015, Paynear raised $2.5 million in pre-Series A funding from serial investor Mitesh Majithia. GoSwiff is a global financial solutions provider, which has subsidiaries in Thailand, Indonesia, Russia, Africa, and the US. The firm is owned by Swiss billionaire and currency ink maker Maurice Amon.

Founded in 2013, Hyderabad-based Paynear helps businesses and merchants make digital payments through mobile point-of-sale devices and an app. Paynear clocked revenues of Rs 33 crore in FY16-17 and a profit of Rs 3 crore, and is targeting revenues of Rs 110 crore in FY17-18 with a marginal EBITDA. GoSwiff posted revenues of Rs 144 crore last year.

Michael Kors to acquire Jimmy Choo

Michael Kors Holdings Ltd agreed to buy Jimmy Choo Plc. for about $1.2 Billion, clinching the London based maker of strappy stilettos, handbags and perfume.

The handbag maker will pay 230 pence a share for the luxury shoemaker. The price is equal to about 17.5 times Jimmy Choo’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) for 2016. The Jimmy Choo brand rose to prominence in the late 1990s, boosted by high-profile devotees including the late Princess Diana and the fictional Carrie Bradshaw in television series “Sex and the City.”

The deal comes amid consolidation in the luxury industry, with Michael Kors rival Coach Inc. agreeing to buy Kate Spade & Co. in early 2017. Jimmy Choo was acquired by private-equity investors three times before being bought by JAB Holding Co. for more than £500 million in 2011.

Jimmy Choo was started in 1996 by British Vogue editor Tamara Mellon and designer Jimmy Choo. Its stilettos, which often cost north of $1,000, quickly became a favorite among celebrities like Sarah Jessica Parker and Princess Diana. Jimmy Choo has more than 150 stores around the world.

Marksans Pharma Buys Time-Cap Laboratories

Drug Maker Marksans Pharma had acquired US based Time-Cap Laboratories for an undisclosed amount. The acquisition was done through its wholly owned subsidiary Marksans Pharma. With the move, the company is strategically increasing its presence in the US Market, the largest pharmaceutical market in the world.

Marksans is engaged in research and development, manufacturing and marketing of generic drugs. New York based Time-cap manufactures solid dosage generic drugs, including private label over the counter medications, prescriptions drugs and nutritional supplements. Its average annual revenue over the last four years is over $30 Million and it achieved an annual adjusted EBITDA of approx. $4 Million.

The company currently has no debt. The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules, and pellets. Time-cap offers Marksans an ideal platform to expand its operation in the US. The strategic acquisition helps Marksans to expand its manufacturing capabilities along with product portfolio and penetration in the US. Shares of Marksans rose over 6% after the company reached an agreement with its bondholders.