Percept Media is launching its own new media agency, while it has announced its exit from WebPercept, the online communication solutions specialist unit it had jointly floated with Netweb Solutions in 2000. According to a report in Indiantelevision.com, quoting a release from Percept, the company has sold its majority stake to Netweb, and has also withdrawn the name ‘Percept’ from WebPercept. Netweb has renamed the firm as id8labs.
Percept will now launch its own company - Percept New Media - or acquire one. It has earmarked a budget of $10 million. Percept has also retained the right to use the brand name WebPercept in its future ventures in the ‘new tech media’ domain. This may span across online and interactive communications including gaming, mobile and net.
Update I: Amit Tripathi of id8 Labs (NetWeb Solutions) tells The Economic Times that the newly carved id8 Labs intends to “invest $5 million in the next 12-18 months through internal accruals, promoter funding and strategic investments to expand its franchise in India and global markets through offices in Dubai and Singapore”. id8 Labs claims to have Rs 20 crore in billings. NetWeb has bought the 51 per cent stake held by Percept Holdings in WebPercept.
Update II A PTI report - based on industry estimates - puts the NetWeb’s acquisition price at Rs 4-5 crore ($1 million).