Publicis is on an acquiring spree in the Indian digital space. Yesterday, they announced the acquisition of Mumbai based search engine marketing company, Convonix. The company was founded a decade ago in 2003 by Vishal Sampat, Sarfaraz Khimani and Pallav Jain. The senior management team will still be leading the company post the acquisition.
The acquisition amount has not been disclosed. Convonix is a 200 people company and has quite a few high profile clients like Reliance Industries, Kotak Mahindra Group, Aditya Birla Group and so on. This being so, the company said that almost 60% of their revenues come from overseas clients. The company will now be aligned with Starcom Mediavest Group and will run its operations under the name of SMG Convonix.
Laura Desmond, global chief executive officer, Starcom MediaVest Group.
“Convonix has continued to innovate and build the very best digital capability and when combined with our existing talent in the market, this deal strengthens our offering to ensure we are the market leaders in digital.”
Since last year Publicis has acquired integrated digital marketing outfit iStrat, strategic business and marketing firm Marketgate, performance marketing agency Resultrix and digital agency Indigo Consulting (which now operates within Leo Burnett India). All these acquisitions are telling of the fact that big advertising and media firms are finally recognizing the potential of digital media and advertising in the country and are moving to consolidate their offerings.
Story Source | Afaqs