IPG Mediabrands, the media holding company of the Interpublic Group, has announced the acquisition of Mumbai-headquartered Interactive Avenues, a full service digital agency.
Following the acquisition, Interactive Avenues (IA) will become a part of IPG Mediabrands’ Mediabrands Audience Platform (MAP). MAP represents the data-driven digital services and technology offerings focused on search, display, mobile, social, video, applications and e-commerce. Interactive Avenues’ co-founder Amar Deep Singh will be the CEO, MAP India. Current investors WestBridge Ventures, Investment Holdings and Anupam Mittal will exit IA.
“India is a key market for IPG Mediabrands and for IPG as a whole. This acquisition affirms our commitment to making investments in high growth disciplines and geographies. We believe India is one of the fastest growing and most important global markets. IA has a fantastic track record in India and great future as a part of IPG Mediabrands,” said Matt Seiler, global CEO, IPG Mediabrands.
“We have a clear vision for MAP in India. Interactive Avenues fits perfectly into this”, said Brendan Moorcroft, Global CEO, MAP.
“Because we already have an established partnership with Interactive Avenues, we know their strengths and understand and share their core values. IPG Mediabrands recognises where digital is heading and the integration of Interactive Avenues will enable MAP to gain further foothold in the Indian market following its introduction earlier this year,” he added.
On the way ahead for the agency, Singh said, “After a dream run of seven years, we are ready for our next phase of growth. In IPG Mediabrands we have the right partner. They give us access to three fundamental growth catalysts: access to global tools technologies and best practices; access to markets beyond India; and access to global clients in India and beyond. There are exciting times ahead with our plans to develop and launch MAP’s specialist offerings Cadreon, Spring Creek Group and Ansible in India.”
Interactive Avenues will sit alongside IPG Mediabrands’ Reprise Media, which was launched in India in 2011. The acquisition and integration into MAP India will have no impact on the day to day running of the agency which will remain as it is now, according to an official statement. Interactive Avenues will continue to operate independently under the MAP structure.