Digital Marketing Agency: oddity to be acquired by Infosys for worth $50 million
- ByStartupStory | March 24, 2022
A Germany-based digital marketing experience, and commerce agency, oddity will be acquired by IT company Infosys, in an all cash deal for USD 50 million (about Rs 380 crore), said the company on Tuesday. oddity will become part of Wongdoody and join its network of studios across Seattle, Providence, Houston, Los Angeles, New York, and London, and design hubs in five cities in India, as part of Infosys’ digital experience and design offering, said Infosys in a statement.
US-based Wongdoody, had been acquired by the company which offers creative and marketing services, in a USD 75 million deal in 2018. The Indian IT firm said that Infosys will also acquire Germany-based Kristall 247 for 3,000 euros (about Rs 2.5 lakh) in order to consummate the transaction.
Infosys said including earn-out, management incentives and bonuses, the cost of acquisition for oddity is “up to 50 million euros. oddity is one of the largest independent digital agencies with more than 300 digital experts, the statement said.
“It is the perfect complement to Infosys’ prowess in technological transformation, with oddity’s digital commerce and marketing knowledge as well as its metaverse-ready set-up”, said Infosys President Ravi Kumar S.
oddity has a comprehensive service portfolio comprising digital-first brand management and communication, experience design and e-commerce services across Europe and China, in-house production, including virtual and augmented reality, the statement said.
During the first quarter of FY23, acquisition of oddity is expected to close.
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