(26 October 2006 4:50 pm)

MUMBAI: Integrated Media Holdings (I-Media) has acquired global online auction and e-commerce company Bidchaser.

I Media builds and operates digital communications and media technologies businesses. The acquisition was completed through a 100 per cent share exchange with a Florida corporation owned by I-Media.

Bidchaser will continue to operate under the same trade name.

Bidchaser CEO Harish Shah and Bidchaser president and CTO Leonardo Cunha will continue in the key management roles.

Interestingly, Bidchaser is also planning to accelerate I-Media's broadband video business expansion by developing content clients and broadband video projects in India, the Middle East, and the Southeast Asian market - complementing Endavo's current North and Latin American business.

According to an official release, Bidchaser has already begun generating revenues from its newest e-commerce merchant services and e-commerce portal. The acquisition gives I-Media an e-commerce platform and a number of other critical technologies and business processes that significantly augment the entire I-Media Group's current capabilities.

"This transaction will significantly reduce I-Media's overall cost of our development and sales, while immediately improving our balance sheet by adding some important software assets," said I-Media CEO Paul D Hamm.

"By acquiring Bidchaser, our top line growth will also be accelerated with their own e-commerce business and by augmenting our broadband video business with additional integrated platforms made available for content owners to sell movies and programs online," he added.

The acquisition of Bidchaser gives I-Media its third wholly-owned high-tech subsidiary, joining Endavo Media and Communications and WV Fiber in the I-Media Group, informs the statement.

The three companies are joining forces to launch a new digital broadcast network, which provides content owners the first turnkey solution to monetise their programming assets over broadband and reach a broader consumer market.

I-Media has also announced that Bidchaser co-founder Harish Shah has been appointed to serve on the company's board of directors. Shah has served as the chief strategic planner for the Bidchaser Marketplace ecommerce network.

Over the last three years, he has led Bidchaser in building an auction, trading and community website that caters to the small retailer, the worldwide consumer and the auction enthusiasts, as stated in the statement.

Cunha said, "Bidchaser is excited to be a part of the I-Media group. The combined resources, expertise, and strategic vision in the digital commerce marketplace shared by Bidchaser and I-Media will make this a rapidly successful and profitable venture."