New Delhi, April 10. (PTI): Software solutions provider NetWeb Solutions Ltd has acquired 51 per cent shareholding in its partner firm WebPercept for an undisclosed amount and would infuse Rs 22 crore ($5 million) to expand the business.

"We have acquired the partner firm with an aim to broaden our horizon and would rechristen it as 'id8 Labs'. We would also invest around $5 million in the next 12-18 months to expand our franchise base," NetWeb founder Director Amit Tripathi told PTI.

Tripathi, however, did not disclose the size of the deal but industry estimates put it at around Rs 4-5 crore.

Before the acquisition, WebPercept was a Joint-Venture between Percept and Netweb in which Percept had 51 per cent shareholding, he said.

Post acquisition, the company, with a capitalised billing of Rs 20 crore, would emerge as one of the top three players in Online and Digital Agency space in India after 'Mediaturf' and 'Interactive Avenue'.

The company would make the investment through internal accruals, promoter funding and strategic investments to expand its franchise-base in Indian and global markets through its Dubai and Singapore offices.

With the launch of 4G in India anticipated by 2009, the company would make significant investments in creating new media properties using the convergence of net and mobile through propriety mobile gaming properties and IPRs, Tripathi added.