Note that Interactive Avenues has a joint venture with IPG called Reprise Media, which is majority owned by IPG (51%), and the rest by Interative Avenues, so the two entities already have a working relationship in place. Interactive Avenues also has a sister concern – an ad network called AdMagnet, and it’s not likely to be a part of this deal (from what we’ve heard). Sequoia Capital India is an investor in both AdMagnet and Interactive Avenues.
The financial details of the deal are not available yet, but we have heard rumors of Interactive Avenues was being sold; We haven’t been able to find any filings that confirm the deal, but will update with details of Interactive Avenues shortly. IPG, based in New York, is expected to sign the deal with Interactive Avenues in the next few days. Publicis and Dentsu, other advertising networks, were also interested in IA, according to the report.
Launched in 2006, Interactive Avenues is a digital marketing agency which provides services in media, creative to search analytics and mobile. It has offices in Mumbai, Delhi, and Bangalore, with over 150 people in these locations. It’s clients include ICICI Bank, Dell India, Intel India, Travelocity India, HDFC Standard Life, among others.
There seems to be a trend in the Indian digital agency with acquisitions of digital marketing agencies.
– Publicis Groupe acquired a performance marketing firm Resultrix and a Mumbai-based digital marketing and web development agency Indigo consulting in April 2012. 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.
(with inputs from Nikhil Pahwa)
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