London-headquartered media agency Dentsu Aegis Network has acquired Gurgaon-based SVG Media Pvt. Ltd, a joint venture between Manish Vij's Vun Network and Harish Bahl's Smile Group.
Though the companies did not disclose the deal size, the transaction is pegged at nearly $130 million.
SVG Media operates several businesses, including mobile and digital advertising, in-app video platform and data targeting through its units—Tyroo, DGM, Seventynine and Komli.
As part of the deal, Dentsu will acquire DGM, Seventynine and Komli brands, while Smile Group will retain Tyroo, the company said in a statement. It didn't disclose financial details of the deal.
SVG Media will become part of Dentsu’s Asia Pacific digital marketing agency Columbus, and will be renamed as SVG Columbus.
Bahl and Vij will exit as chairman and CEO, respectively, of SVG Media. The acquisition marks the second exit for Vij and Bahl, whose earlier venture Quasar Media was acquired by WPP in 2008.
“At Smile, we are proud to have continuously built successful JV partnerships or exits with large global firms such as Airbnb, Yahoo, WPP Digital, Africa-based Scan Group, etc. SVG’s exit to Dentsu Aegis Network is another feather in the cap for Smile," Bahl said.
DGM CEO Anurag Gupta will now be CEO of SVG Columbus. In addition, Chirag Shah, CEO of SVG Mobile and Seventynine; Deven Dharamdasani, COO of SVG Mobile and Seventynine; Akshay Mathur, business head of Komli; and Ashwani Mehta, finance controller at SVG Media will join the board of the acquired entity.
Founded in 2006, SVG Media employs around 280 professionals in four cities—Gurgaon, Mumbai, Chennai and Bangalore. It offers diverse digital media competencies including online performance marketing, mobile app distribution, representations, social and web services through its brands. The group claims to have 700 monthly active advertiser campaigns locally, as well as international clients in Dubai, Indonesia and China.
Ashish Bhasin, chairman and CEO, Dentsu Aegis Network South Asia, said, “As a group, we have a leading position in digital in India, particularly in search and performance and this deal gives us a clear leadership position in this area.”
Avendus Capital advised SVG Media on this deal.
