Digital acquires stake in Smile Interactive's Quasar Media
WPP Digital announces that it has acquired a 75% stake in the share capital of Quasar Media Private Limited (“Quasar”), a subsidiary of Smile Interactive Technology Group specialising in digital marketing and web solutions, and will partner with Smile in the development of the Quasar business.
“Our faith in StudioSmile’s incubation program to grow the digital industry in India is again proved by our second joint venture, within 3 months, for the group post-Tyroo and Yahoo. It is a good feel that two of our incubations have formed joint ventures with world leaders in their respective fields. Smile is underway of launching more incubations in the fields of Auto, Mobile, Healthcare and Retail,” says Harish Bahl, CEO and Founder, Smile Interactive. StudioSmile in the last 8 years has invested in the digital industry with successful startups like Quasar, Tyroo and Zoomtra.com.
Founded in 2005 Quasar Media is the largest digital media and e-business services company in the country based in New Delhi, with offices in Mumbai and Bangalore. Its clients include MakeMyTrip, Monster, Microsoft, Motorola, LG, Zapak and VISA.
“We are happy to align with WPP Digital to further strengthen the
leadership of Quasar Media in the country and its growth in Asia Pacific
countries. Quasar will grow its world-class services in Internet and Mobile
marketing and e-business solutions to its current and growing client base
in India, Singapore and Hong Kong with the help of WPP Digital’s
worldwide network of companies. It will also play an important role as
a global outsourcing centre of excellence for WPP digital,” says
Manish Vij, Chief Business Officer and Co-Founder – Smile Interactive.
"We were struck by Quasar's leadership in the digital media industry
in India and its potential to grow its share of the digital media market.
Our investment continues WPP Digital's strategy of developing WPP's services
in the faster growing digital media. In India, we believe that digital
media will be USD 560 million representing almost 7% of total advertising
expenditure by 2009. For Quasar, WPP Digital's resources, technology and
experience will support its continued growth, both in services and geography,
" said Mark Read, CEO of WPP Digital.
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About Quasar Media
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