MAM
JWT to acquire stake in Pakistan-based digital agency
MUMBAI: JWT has agreed to acquire a minority stake in Pakistan-based digital agency, Converge Technologies, as part of its strategy to add depth and breadth to its Asian digital offerings.
The global agency has not announced how much stake it will hold and at what price. The acquisition is subject to regulatory approvals.
Founded in 2007, Converge Technologies is based in Karachi and handles clients like Unilever, PTCL, Mobilink, HP, Bank Alfalah, Nokia and Pakistan State Oil.
JWT Pakistan CEO Mansoor Karim Shaikh said, “This partnership will put both Converge and JWT Pakistan in a position to leverage each other’s strengths and scale up our integrated offering for our clients.”
Converge offers services including digital media strategy, social media planning and management, platform, content, technology enablement, game and app development, mobility campaign planning and execution.
JWT Asia Pacific has moved aggressively into the digital space over the last year, expanding both organically and through acquisitions.
JWT signed an agreement in 2011 to acquire A4A, a digital and social media marketing company in China. On 12 March XM Asia, a JWT company, acquired Indonesia-based digital agency Magnivate.
“As one of the ‘Next 11‘ growth economies, Pakistan is a very strategic market for JWT. This deal adds yet more momentum to our regional digital growth strategy. We will continue to add depth and breadth to our Asian digital offerings over the coming month,” JWT Asia Pacific President Michael Maedel said.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
