WPP Digital acquires majority stake in Smile Interactive's Quasar Media
20 Nov 2007
Hyderabad: WPP Digital has announced the acquisition of a 75 per cent 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.
WPP Digital will partner with Smile in the development of the Quasar business. According to Harish Bahl, CEO and Founder, Smile Interactive, ''Our faith in StudioSmile's incubation program to grow the digital industry in India is once again proved by our second joint venture, within three 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.''
Over the the last 8 years, StudioSmile has invested in the digital industry with successful startups like Quasar, Tyroo and Zoomtra.com.
Quasar Media, which was founded in 2005, is the largest digital media and e-business services company in the country. Based out of New Delhi, the company has offices in Mumbai and Bangalore, with a client list comprising popular web entities such as MakeMyTrip, Monster, Microsoft, Motorola, LG, Zapak and VISA.
According to Manish Vij, chief business officer and co-founder of Smile Interactive, ''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.''
Quasar is a provider of services in digital media, creative, e-business solution, search marketing and optimisation, mobile marketing, e-commerce, social media, e-CRM, and others.
Quasar will continue to be managed by its founding team, under the leadership of Harish Bahl and Manish Vij.
According to Mark Read, CEO of WPP Digital, "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 $560 million representing almost seven per cent of the total advertising expenditure by 2009. For Quasar, WPP Digital''s resources, technology and experience will support its continued growth, both in services and geography.''
