ONGO Framework, a business-to-business IT and digital solutions provider, has acquired Hockystick Media, a digital marketing agency for an undisclosed amount in a cash-and-equity deal, a company statement said.
ONGO Framework has also received an angel investment of $1 million (Rs 7.1 crore at current exchange rates) from a clutch of individuals led by existing serial investor Mitesh Majithia, who is a venture partner at Unicorn India Ventures.
The investors who participated in the round include a mix of professionals from financial and IT services and other sectors such as Paras Parekh, director at Swiss multinational investment bank Credit Suisse; Rishi Chohan, senior vice president at IT services firm Virtusa; Anilkumar Narsingrao, vice president at financial services firm Cowen and Company; Naveen Harjani, vice president at global asset management firm Alliance Bernstein; and Raj Basu, vice president at IT services company ITC Infotech.
Haresh Keswani, director at US-based biotech firm Celgene; Rasesh Thakore, founder at Unravel Advisors; Srinivas Adhikari, a businessman; and brothers Sunil and Pranil Kanderi who sold their Silicon Valley-based design and development company Mokriya to IT firm Nagarro.
Majithia had earlier invested in ONGO Framework in 2016 and also serves as the director of strategy and growth at the firm.
ONGO Framework will use the capital for talent acquisition, technological innovation and marketing. It will also offer digital solutions to small and medium enterprises in emerging markets across the Middle East and North Africa and in mature markets like the US.
The acquisition of Hockystick will allow ONGO Framework to offer its clients digital marketing solutions, in addition to its app development services. Hockystick will continue to operate independently under its brand name, the statement added.
“After having served thousands of customers and multiple channel partners, we observed that most companies feel challenged in leveraging and promoting their digital assets. Strategically, Hockystick acquisition is aimed to fill this gap,” said Rama Kuppa, founder and chief executive, ONGO Framework.
The two firms will also launch a tech and digital growth incubation platform to provide technological and digital marketing support to early-stage startups, the statement added.
Hockystick Media was founded by former Googlers Shrikanth Katkurwar, Abhijit Gogoi and Ambujam R and provided end-to-end digital marketing solutions through cutting-edge technology.
Founded in 2011 by Kuppa, ONGO Framework operates an application-platform-as-a-service (aPaaS) model that helps SMEs and startups develop apps for the web and mobile. The company caters to enterprises across various industries such as retail, restaurants, insurance, healthcare and construction.