Macmillan acquires US firm for Rs 15cr

Macmillan India, a book publisher, has acquired a 100 per cent stake in the US-based Interactive Composition Corp (ICC). Macmillan India will sign definitive agreements for purchase of the company at a consideration of around Rs 15 crore.

ICC has a wholly-owned subsidiary in Delhi. It employs 300 people and provides typesetting and other services to major book publishers in the US, a Macmillan release said.

"This is a strategic acquisition as it enables us to achieve two major objectives, of having a significant presence in the US, and acquiring premier book publishing customers. It also places us in the big league of full service providers in the book publishing market," Macmillan India managing director Rajiv Beri said.

Commenting on the acquisition, Scott Johnson, president, ICC said, "We are sure that the financial and technological strengths of Macmillan and the market knowledge of ICC will combine to make a leading player in the US.We are excited and optimistic about our prospects."

Macmillan India has been aggressively making acquisitions and had acquired Charon Tec, a Chennai-based typesetting company, last year. It presently employs 2,300 people in its ITeS and IT services business.