The Hyderabad-based company was established in 2003 and is one of India’s leading digital technology and production companies
BestMediaInfo Bureau | Mumbai | September 12, 2013
Ogilvy& Mather today announced that it has agreed to acquire a majority stake in PennyWise Solutions, one of India’s leading digital technology and production companies. The Hyderabad-based company was established by current CEO Anand Morzaria in 2003, and has grown from a six-member start-up to become India’s market leader in digital delivery, employing more than 140 people.
PennyWise has over a hundred digital specialists and is based in the heart of Hyderabad’s IT hub. It offers a wide range of digital services including Custom Application Development, Mobile Application Development, SEO, Digital Listening, Online Consumer Response Management Systems, Data Analytics and Business Intelligence, Network Support and Infrastructure Management Services. PennyWise had unaudited revenues of Rs 119.2 million, for the year ending March 2013, and gross assets of Rs 68.3 million.
Piyush Pandey, Executive Chairman & Creative Director, Ogilvy South Asia, said, “Creative is the soul of Ogilvy. And digital is today’s opportunity for creative expression. Digital is a critical growth pillar for Ogilvy India. As we build digital services, talent and thinking across the organisation, we also need partners with different skills. PennyWise comprises, quite simply, the best digital technology and production professionals in the business. This is a strategic investment. It will combine the digital skills and services of both companies to deliver solutions for our clients across India and APAC.”
PennyWise will serve as the digital technology and production centre of excellence for Ogilvy & Mather in India. It will power best practice digital delivery for the agency’s India network as well as the O&M APAC network.
PennyWise has a global customer base, covering Europe and North America, as well as India. The current client portfolio includes Vodafone India, Johnson & Johnson and WPP Agencies including Ogilvy & Mather, Soho Square and a host of others.
Kunal Jeswani, Chief Digital Officer, Ogilvy India, said, “Ogilvy is one of the largest and most awarded digital agencies in India. This is not about scale. This is about excellence in every aspect of digital. Ogilvy represents excellence in digital strategy and ideation. PennyWise represents excellence in digital technology and production. They are exactly the kind of partner we were looking for.”
Anand Morzaria, CEO, PennyWise Solutions, said, “PennyWise has always been at the forefront of digital and new media technology. We are excited to join hands with Ogilvy & Mather, a name synonymous with excellence in marketing communications. This partnership will help us combine our deep and proven expertise in developing digital and new media technology solutions with Ogilvy’s own offerings for clients across India and other APAC markets. Together, we will be able to meet and exceed the demands of our highly valued and expanding customer base.”
This investment marks a further step towards WPP's declared goal of developing its networks in fast-growth and important markets and sectors. In 2012, WPP's revenues in the fast growing economies of Asia Pacific, Latin America, Africa and the Middle East, and Central and Eastern Europe, were 30 per cent of total group revenues of $16.5 billion, or $5 billion.
Collectively, the group, including associates, employs more than 47,000 people in the Asia Pacific region, generating revenues of $5 billion. In India, WPP companies collectively employ over 12,000 people, including associates, with revenues of $500 million.
WPP's digital revenues were well over $5 billion in 2012 and represented 33 per cent of total group revenues. WPP recently raised its targets from 35-40 per cent for each of fast-growth markets and new media to at least 40-45 per cent each, over the next five years.