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Continuing with its acquisition spree, Dentsu Aegis Network has acquired India’s leading independent digital agency SVG Media from the Smile Group.
SVG Media includes three flagship brands — DGM, Komli and Seventynine. This acquisition also marks the India launch of Columbus, the Asia-Pacific digital marketing agency of Dentsu Aegis Network.
After the acquisition, SVG Media will be rebranded as SVG Columbus.
Smile Group will continue to retain the Tyroo Tech business, the official statement from both the companies added.
They, however, did not share the financial details of the deal.
Post acquisition, Harish Bahl and Manish Vij, the founder and co-founder of the Smile Group, will exit as directors of SVG Media.
Anurag Gupta, CEO, DGM ,will be the new CEO of SVG Columbus.
Ashish Bhasin, Chairman and CEO, Dentsu Aegis Network South Asia, said that the acquisition is in line with the company’s continued focus on inorganic growth strategy.
“We will now have over 1,300 digital professionals, accounting for over 35 per cent of our revenues, well ahead of our competitors,” he said.
“India is a significant market with a rapid growth potential in the mobile and performance marketing business… This acquisition will further strengthen the group’s leading position in the digital space in India, particularly in search and performance,” Bhasin added.
Manish Vij, Co-Founder, Smile Group, added: “We felt the time was right for these brands to be housed in a large agency network. We will now focus on building the Tyroo Tech business and other media incubations.”
This acquisition marks a second successful digital advertising business exit for entrepreneurs Manish Vij and Harish Bahl, whose earlier venture Quasar was acquired by WPP in 2008.
Founded in 2006, SVG Media comprises 280 specialists and is known for its digital media competencies which include online performance marketing, mobile app distribution, representations, social and Web services through its flagship brands.
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