NTT Com to acquire 74% stake in Netmagic Solutions
By Asia Cloud Forum staff 26-Jan-2012
NTT Communications Corporation (NTT Com) announced to acquire 74% of India-based data center service provider Netmagic Solutions Private Limited (Netmagic Solutions), including its seven data center and sites.
Established in 1998, Netmagic Solutions provides co-location, managed hosting, ISP and cloud services in India. It currently operates seven data centers in major Indian cities including Mumbai, Chennai, Noida (Delhi-NCR) and Bangalore with a total of with over 200,000 sq ft floor space.
Headquartered in Mumbai, Netmagic Solutions operates out of Mumbai, Bangalore, Chennai and Delhi with 500 employees. Its CEO, Sharad Sanghi, will continue to lead Netmagic Solutions as CEO after the acquisition.
NTT Com, in a media statement, announced the aim to achieve global sales revenues of at least 1.5 trillion yen, including a doubling of ex-Japan sales revenues, by 2015.