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Pressmart says NO to acquisition move by Google

Hyderabad-based Pressmart Media , which owns patented technology for digitizing newspapers and making them searchable on internet while preserving the same-as-in-print feel, has reportedly turned down an acquisition bid by Google.

Hyderabad-based Pressmart Media , which owns patented technology for digitizing newspapers and making them searchable on internet while preserving the same-as-in-print feel, has reportedly turned down an acquisition bid by Google. The internet search giant is already working on an initiative to make old newspapers accessible and searchable online.

According to Pressmart CEO Sanjiv Gupta, Google executives approached the company in early March, expressing an interest in Pressmart and its licensed technology. However, Pressmart “did not take the conversation much further” as its management was not interested in a possible acquisition by Google.

Recently, Pressmart raised $6 million in private equity funding from US-based venture capital companies Draper Fisher Jurvetson and NEA-Indo US Ventures. The company plans to use the funds to open marketing offices in US, UK, Singapore and Dubai to expand its international client base.

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