New Delhi : Prione Business Services, the joint venture between Catamaran and e-commerce firm Amazon, will be acquired by the latter, a joint statement said on Wednesday.
Founded in mid-2014, Prione Business Services provides digital and internet services to Indian small and medium sized businesses, while Catarman is a venture capital and private equity investing firm.
The acquisition would be subject to requisite regulatory approvals.
On August 9, the two firms announced their decision to not continue the joint venture beyond the current term to be ended in May 2022.
“Amazon will acquire Catamaran’s shareholding in Prione in compliance with applicable laws including all assets and liabilities,” the joint statement said.
“The businesses of the joint venture shall continue under the leadership of the current management and on receipt of regulatory approvals, the board of Prione and Cloudtail will take steps to complete the transaction in compliance with applicable laws.”