Northgate Technologies is acquiring 51% stake in Green Fire Agri Commodities Pvt Ltd (Green Fire), the company said in a press statement. Green Fire, a 100% subsidiary of Stampede Holdings Pvt Ltd, is a global commodity investment house powered by sophisticated high end statiscal/algo/quant models to generate alpha in real time on a global scale.
The acquisition will help Northgate create electronic communication network (ECN) for global commodities by connecting to multiple future, spot exchanges, e-auction platforms, trade bots, processors and retailers across the globe in real time using Global Grid Matrix (GGM), High Frequency Trading (HFT) of Green Fire.
Northgate is an internet based technology company with development facilities in Hyderabad and operations in US, UK, Hong Kong, Singapore, China and India. It's principal business is online advertising services, through which the company aggregates, positions and tracks internet ads for online advertising agencies and other advertisers. In a recent interview to CNBC TV 18, the company's CFO Anil Kumar told the channel that they are focussed on increasing their advertising business.
The company houses a bouquet of online properties operates file hosting and sharing portal - Ziddu.com, social networking portal - Bharatstudent.com, Globe7.com which provides online communication, infotainment services and a gaming portal - Egglad.com and ad network Axill.com.
This year in March, its subsidiary Social Media India, had launched the JNTU Kakinada University Information System and email service in Hyderabad, providing email to 200,000 students and staff.
Northgate Technologies reported a net loss of Rs1.46 crore in Q1 June 2010 compared with a net loss of Rs 4.88 crore in Q4 March 2009. Net sales declined 73.41% to Rs.7.51 crore in Q1 June 2010 over Q4 March 2009 largely on account of its online advertising business.
This year in April, it had announced plans to raise Rs 25 crore through PE, QIP or debt to fund its expansion plans and for introduction of its new service offerings, but no formal announcement or development to this affect has been made. Stampede is a global derivative house, helping the investment commodities like corpoates, wealth managers, HNIs, insurers in particular to enhance the yield returs, managing risk and creating wealth using high end algorithmic and quant models in all asset classes.