Infosys To Acquire Digital Marketing Agency Oddity For $50 Million
Infosys Ltd. will acquire oddity -- a Germany-based digital marketing, experience, and commerce agency -- in an all-cash deal for $50 million (about Rs 380 crore), the company said on Tuesday.
As part of Infosys' digital experience and design offering, oddity will become part of Wongdoody and join its network of studios across Seattle, Los Angeles, New York, Providence, Houston, and London, and design hubs in five cities in India, Infosys said in a statement.
The company had acquired U.S.-based Wongdoody, which offers creative and marketing services, in a $75 million deal in 2018. "To consummate the transaction, Infosys will also acquire Germany-based Kristall 247 for €3,000 (about Rs 2.5 lakh)," the Indian IT firm said.
Infosys said the cost of acquisition for oddity is "up to €50 million, including earn-out, management incentives and bonuses."
With more than 300 digital experts, oddity is one of the largest independent digital agencies, the statement said.
With oddity's digital commerce and marketing knowledge as well as its metaverse-ready set-up, it is the perfect complement to Infosys' prowess in technological transformation," Infosys President Ravi Kumar S said.
oddity has a comprehensive service portfolio comprising digital-first brand management and communication, in-house production, including virtual and augmented reality, experience design and e-commerce services across Europe and China, the statement said. Acquisition of oddity is expected to close during the first quarter of FY23.
By: via @AlliesFin Serve Stock Market
