Wednesday, July 22, 2015

Mascon Global acquisitions and restructuring

Mascon Global made an acquisition of Anthem Technologies for $16 million ($13 million by GDR and balance in cash), renamed it MGL Consulting, and sold it to Quadrant 4 for $19 million.

In its 2006 report, Mascon Global reported the acquisition of Versatech Consulting Inc., USA and some specified accounts, for a total consideration of $38 million; $13 million by issue of GDR and balance of US $25 million in cash. In the 2008 report it was stated that Versatech Consulting achieved total revenue of Rs 14 crore. In the 2012 report the earnings of this subsidiary were Rs 7 crore.

Mascon Global acquired Comtel Holdings Private limited, Singapore for a total consideration of $3 million; $2 million by issue of GDR and balance in cash in 2006-07. But this subsidiary was not mentioned in later reports. Comtel Holdings Singapore is now Comtel Solutions pte ltd. But Mascon did acquire some business in Singapore; as the office of MGL Finance was located at 31, Cantonment Road, which is now the office of OnDemand Agility. Another Singapore company: Four Serv Singapore Pte Ltd, is believed to have been acquired by MGL.

A local Hyderabad software company, Exalt Systems pvt ltd (CIN: U72200TG2000PTC034188), was acquired in 2006. Personnel from Exalt Systems can now be found in iDEA Solutions Inc. The offices of Exalt Systems: No.235, Road No.36, Jublee Hills, Hyderabad; and 6-2-6, Siddharth Bharati Complex, Lakdikapul, Hyderabad; have been sold off to other companies.

Earlier in 2008, Mascon Global Ltd acquired USA based Jass & Associates and SDG Corporation for a total consideration of $55 Mn; $20 million by issue of GDR and balance of US $35 million in cash. But SDG Corporation was not mentioned in later reports. In the 2012 report it was stated: Jass and Associates Inc achieved total revenue of Rs 33 crore. A subsidiary of Jass: InfoSage Systems was also absorbed into Mascon Global, but today functions independently.

In a press release on May 15, 2008: Mascon Global (MGL) has taken over Ebusinessware Inc for a sum of USD 35 million. As a result of this acquisition, Ebusinessware will be renamed as MGL Finance. In the 2008 report it was stated that Ebusinessware Inc., USA, a 100 % subsidiary of the Company achieved total revenue of Rs 10 crore. In the 2012 report earnings were a dismal Rs 1.28 crore. The restructuring of Ebusinessware into MediaAgility was done to escape the claims of Mascon Global creditors and shareholders.

Restructuring of Mascon Global subsidiaries into iDEA Solutions inc

During August 2011, the company had taken initiative to combine the business operations of the operating subsidiaries in the US, namely, Ebusinessware, Jass & Associates, and Versatech Consulting by way of statutory merger of the corporations. This was stated in the Directors Report of 2012, but the name of the new merged company was not revealed.

Over in the USA, it was reported that Jayaprasad 'JP' Vejendla formed iDEA Solutions Inc. in 2009 from the technology consulting divisions of JASS & Associates, Versatech Consulting, and eBusinessware. IDEA has a revenue of $100 million annually and more than 1,157 employees worldwide.

IDEA SOLUTIONS INC. was registered on 16 June 2011 as a domestic profit corporation in Michigan with the company number 04120Y. Later it was registered in New York and California, occupying the offices of MGL Americas. The registering of Mascon Global subsidiary companies in America as a new company was a fraudulent act designed to escape the eye of shareholders and creditors.

Another wholly owned subsidiary was Mascon Life Sciences which vanished while its offices, personnel and assets were transferred to newly registered companies without informing shareholders or creditors.

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