Monday has turned into gold for the Indian digital and social media business. After reporting about the acquisition story of Bangalore based digital agency 22Feet by DDB Mudra earlier in the day, now news in the market is that Bangalore based digital agency ODigma has been acquired too.
According to reports, leading e-commerce firm from Ahmedabad, Infibeam has announced the acquisition of digital marketing company ODigMa for $5 million (Rs. 32 crore), primarily in stock and cash, which is five times the current turnover of the Bangalore-based company.
According to Infibeam, the recent acquisition of ODigMa will further strengthen and expand its broad range of ecommerce and digital marketing service offerings to its existing and potential merchants and enterprise.
Sachin Oswal COO, Infibeam.com added that the latest development will expand the company’s digital marketing capabilities in the key areas of social media and SEO, SEM etc. complementing Infibeam’s existing strengths in eCommerce technology, mobile applications, analytics, and marketing operations.
Besides, this acquisition will broaden Infibeam’s own service capabilities in online space, which the company provides through its B2C platform Infibeam, the retail commerce and B2B platform BuildaBazaar.com, the commerce and technology service.
For ODigMa this is big news, considering the firm was founded in 2011 and has served more than 400 clients in a short span. Today the firm has more than 100 employees and in fact had registered a turnover of $1 million (Rs. 6.2 crore) until the third quarter (December 2013) of the current financial year.
Revealing more on the development Advit Sahdev, CEO, ODigMa added that the agency will continue in the new set-up as a separate, subsidiary company of Infibeam.
The development is definitely exciting for the digital and social media industry. Earlier in the day we had revealed that 22Feet, founded in 2009, has been bought by DDB Group Asia Pacific and Omnicom Group Inc. The deal that was in the works since December 27, 2013, will merge 22Feet with DDB Mudra’s existing digital unit Tribal Worldwide India.
Earlier in the month of January Publicis Groupe had acquired Law & Kenneth, the New Delhi-based independent agency led by adman Praveen Kenneth.
It appears that this trend will continue strongly in 2014.