AZB and JSA advise NTT Com to acquire 74 stake in Netmagic Trilegal helps Nexus Fidelity exit

Japan’s NTT Communications Corporation (NTT Com), a subsidiary of Nippon Telegraph and Telephone has acquired a majority stake of 74 percent in Mumbai-based Netmagic..Nexus Venture Partners and Fidelity International (both lead investors in Netmagic Solutions), along with Nokia Growth Partners and Cisco Systems, have announced their exits from the company..AZB & Partners advised Netmagic and its promoters with a team led by Partner Gautam Saha along with Senior Associate Amrita Patnaik and Associates Heena Singh and Swati Chauhan..J. Sagar Associates advised NTT Com with a team led by Partner Varghese Thomas..Trilegal advised Nexus and Fidelity with a team led by Partner Sridhar Gorthi..According to VCCircle, the addition of Netmagic Solutions’ datacentre services and sites will expand NTT Com’s capability to provide one-stop ICT solutions in the Indian market and also accelerate its global offering of seamless Cloud services. NTT Com provides a broad range of global networks, management solutions and ICT services to customers worldwide..Established in 1998, Netmagic Solutions currently operates seven datacentres in cities like Mumbai, Chennai, Noida (Delhi-NCR) and Bangalore. It employs around 500 people and provides services such as colocation and managed hosting (to more than 1,000 customers), as well as ISP and Cloud services..The firm raised $10 million each from Nexus and Fidelity in a $20 million round in early 2008. Again in 2010, it raised Rs 70 crore in a round led by Nokia Growth Partners and Cisco Systems. Fidelity International and Nexus Venture Partners also participated in that round. This is the fifth significant exit in 18 months for Nexus.