O&M Acquires Majority Stake In PennyWise

by Paul Joseph on September 13, 2013 · 0 comments

Ogilvy & Mather ( O&M ) has recently acquired majority stake in Hyderabad based PennyWise Solutions Pvt. Ltd . The exact details of the deal haven’t been made public, but PennyWise, a decade old Digital Technology Company is apparently as diverse as the parent company. O&M’s interest in PennyWise can be attributed to the multi-dimensional approach that the company has chosen to take. Started in 2003, the company has been developing IT services for a wide range of diverse verticals like financial services, hotel and travel, retail, transportation, digital media and advertising, entertainment and education.  O&M is presently headquartered in USA. But PennyWise too boasts of a myriad list of clients spread across USA and UK. Perhaps this is one of the prominent reasons why O&M grabbed the opportunity to own controlling stake. PennyWise’s customer base would allow O&M to make serious inroads in multiple directions. The company is a strong contender in mass communications and having such varied customer base would allow O&M to rapidly make progress in multiple verticals. Multiple Customer Engagement and Advertising Agencies are looking at inorganic expansion routes to either add skilled manpower, customers or gain strategic advantage in particular regions. In the past we have seen how foreign agencies are snapping up Indian companies in a bid to gain market share within India. Well, this case appears to be the quirky one where an Indian company is being acquired to gain foreign customers. What do you think? Looking For A Social Media Agency?? – Contact WATConsult – India’s Leading Social Media Agency

[via WATBlog.com - Web, Advertising and Technology Blog in India]

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