Ogilvy & Mather, a marketing communications company, has recently acquired a majority stake in Hyderabad based, digital technology startup, PennyWise Solutions Pvt. Ltd. The financial details and other terms and conditions of the deal remain undisclosed.
PennyWise started in the year 2003 with a team of six BITS Pilani alumni under the leadership of current CEO Anand Morzaria. It provides a wide range of IT services useful to the verticals such as education, entertainment, financial services, hotel & travel, retail, transportation, digital media and advertising, etc. In 2007, the company also launched a website by the name of Tolmolbol.com.
Most of the revenue (around 85%) for the company is generated from the International market, primarily US and UK, with clients such as Web Loyalty, Adminicle, My Art Space, Soothware, 3C Associates, All The Masters Inc. and Tru Comply. Whereas, Ogilvy & Mather, Vodafone India, Johnson & Johnson, JMP Solicitors and Fabmart form some major domestic clients of the company.
With this acquisition, Ogilvy aims at taking advantage of its global customer base, covering Europe and North America, as well as India. As per Piyush Pandey, Executive Chairman & Creative Director, Ogilvy South Asia, “This is a strategic investment. It will combine the digital skills and services of both companies to deliver solutions for our clients across India and APAC”.
Ogilvy & Mather is currently headquartered in the USA with 450 offices in 120 countries including Hyderabad, India. It is also an Indian subsidiary of WPP, a UK based advertising and communications conglomerate. According to the reports, this move is in line with the repeatedly stated aim of the WPP’s Chief Executive Martin Sorrell, to focus on digital in fast growth markets.
Recently OgilvyOne, the customer engagement division of Ogilvy & Mather Group, has acquired a majority stake in Verticurl, a demand generation and marketing automation services firm. The company is also looking forward for further acquisitions.
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