While the financial details of the acquisition were not disclosed, the company said that following this acquisition, Interactive Avenues will become a part of IPG Mediabrands’ Mediabrands Audience Platform (MAP) and Interactive Avenues co-founder Amar Deep Singh has been appointed as MAP India CEO.
The company said that this acquisition will strengthen its digital capabilities in India and Interactive Avenues will be a strategic part of of MAP that offers digital services across search, display, mobile, social, video, applications and e-commerce segments.
This follows earlier report in August 2012, which had suggested that Interpublic Group was looking to acquire Interactive Avenues and it looks like the deal has been finally closed after six months.
Reprise Media JV: Note that Interactive Avenues already had a joint venture with IPG called Reprise Media, in which IPG owned 51% stake and Interactive Avenues owned the remaining 49% stake. So the two entities already had a working relationship in place. IPG Group mentioned that following this acquisition, Interactive Avenues will sit alongside Reprise Media and will continue to operate as an independent brand within the MAP structure.
AdMagnet? Interactive Avenues also had a sister concern – an ad network called AdMagnet, which has investors like Sequoia Capital India. While its not clear if AdMagnet is part of this deal, we had previously heard that AdMagnet was not likely to be a part of this deal. At the time of writing this article, Interactive Avenues mentions its acquisition on its website, while there is no such mention on the AdMagnet website, which indicates that AdMagnet was probably not part of this deal.
Launched in 2006, Interactive Avenues is a digital marketing agency which provides services in media, creative to search analytics and mobile. It had investors like WestBridge Ventures II Investment Holdings (previously Sequoia Capital India Investment Holdings II) and People Group CEO Anupam Mittal and had offices in Mumbai, Delhi, and Bangalore, with over 200 people in these locations. Some of its clientele include ICICI Bank, Dell India, Intel India, Travelocity India, HDFC Standard Life, among others.
There has been lot of activity in the digital media sector in last couple of months.
- Publicis Groupe acquired a performance marketing firm Resultrix and a Mumbai-based digital marketing and web development agency Indigo consulting in April 2012. Publicis Groupe had also acquired two digital media agencies in India, iStrat and MarketGate.
- Global advertising major WPP Group had also recently acquired a majority 51% stake in Hungama Digital Services Private Limited via its wholly owned agency JWT Singapore. Omnicom owned advertising agency TBWA had acquired Indian digital agency group Magnon. The acquisition includes two companies: Magnon Solutions, which is a digital agency operating in India, and Magnon International, which is a digital outsourcing agency.
- In August 2012, Japanese advertising major, Dentsu, had acquired a 51% stake in Mumbai-based Indian advertising agency, Taproot India while Ad2c, a JV between Affle and D2 Communications (a Dentsu & NTT Docomo JV) had acquired mobile marketing firm Mobimasta.