MAM
WPP buys digital agency AKQA
MUMBAI: Global advertising giant WPP is buying stake in San Francisco based digital agency AKQA, the last big digital shops not yet public or owned by a holding company.
Though the purchase price was not revealed, the digital agency is valued at $450 million and trade estimates peg the price around that figure.
AKQA is backed by private-equity firm General Atlantic and at the end of 2011 had gross assets of $282 million with a forecast of profits to the tune of $230 million in 2012 as opposed to $189 million in 2011.
The announcement was made during the annual Cannes Lions held in Paris, France. AKQA will continue to operate as an independent and standalone brand within WPP and be led by founder and CEO Ajaz Ahmed and chairman Tom Bedecarré.
Bedacarre will also become president of WPP Ventures, a new Silicon-Valley based digital investment company.
Two years back, AKQA was approached by Japanese media house Dentsu, but the latter soon exited the talks. According top media reports, the asking price at the time was between $550 million and $600 million which was also speculated to be the reason for Dentsu’s withdrawal.
WPP too tried twice before things finally fell in place.
AKQA currently employs 1,160 people all over the globe and has offices in U.S., Europe and Shanghai. It provides expertise in integrated digital communications campaigns, social media, mobile, gaming work, and content creation and has clients like Delta, Diageo, EDF, GAP, Google, Microsoft Xbox, Nike, Target, Unilever and Virgin Money.
Brands
Axis Bank named Official Banking Partner of DP World PGTI
Partnership supports all tournaments this season to grow professional golf in India.
MUMBAI: Axis Bank just teed up a hole-in-one partnership because when a bank sponsors golf’s biggest swing in India, even the fairways feel more financially secure. Axis Bank has been appointed Official Banking Partner of the DP World Professional Golf Tour of India (DP World PGTI), strengthening its commitment to sporting excellence and community engagement while backing the growth of professional golf across the country.
Under the partnership, Axis Bank will support all DP World PGTI tournaments this season, contributing to talent development, enhanced tournament experiences and wider fan engagement. The collaboration aligns the bank’s values of precision, discipline and trust with the Tour’s focus on performance and opportunity.
Axis Bank executive director Munish Sharda said, “We are pleased to partner with DP World PGTI as its Official Banking Partner. Golf embodies precision, discipline, and a pursuit of excellence qualities that strongly reflect who we are at Axis Bank. This association also strengthens our engagement with India’s growing premium customer segments, where the sport has a deep and enduring connect.”
Professional Golf Tour of India president Kapil Dev said, “We are extremely pleased to welcome Axis Bank as a Tour Partner of the DP World Professional Golf Tour of India. Partnerships of this stature play a vital role in strengthening the foundation of the Tour, enhancing opportunities for our players, and expanding the sport’s reach across the country.”
Professional Golf Tour of India CEO Amandeep Johl added, “Axis Bank’s strong legacy of excellence, innovation, and nationwide reach aligns perfectly with DP World PGTI’s goal to elevate professional golf in India and provide greater opportunities for our players.”
In a sport where every stroke counts and every partnership drives distance, Axis Bank isn’t just backing golfers, it’s investing in the fairway to future, turning India’s greens into a stage where precision meets passion and every drive has the power to inspire.
