In a rather complicated deal, XinLab Inc.who operates Vuclip has acquired startup Jigsee through an all stock deal. Jigsee investors namely Indian Angel Netwok and Sequoia Capital had swapped its stake in Jigsee for Vuclip interest and shareholdings. No board representation would be included in the deal.
This was started when Vuclip had announced its acquisition of Jigsee core assets for an undisclosed amount. According to IAN, one of the primary shareholders in Jigsee, through its president Padmaja Ruparel, "This is a stock swap deal and no cash was involved."
She also did not disclose the volume of the shareholdings that the company would hold in Vuclip or the value of the shareholdings exchanged and instead said, "The IAN members will now own shares in Vuclip and this is a great opportunity for us. This will give us a presence and threshold in an overseas market and a stake in a strong niche technology brand like Vuclip."
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