Post the acquisition, Neev will be united with Razorfish, an interactive marketing and technology company and part of the Publicis Groupe. The acquisition will also see the entry of Razorfish in India.
The unified agency will operate as Razorfish Neev and will be led by Saurabh Chandra, the CEO of Neev. Chandra will report to Kanika Mathur, managing director at Razorfish and Digitas India (another Publicis Groupe firm). The current deal will further strengthen Publicis' presence in India and the greater Asia-Pacific region.
Founded in 2005, Neev is a technology services provider specialising in e-commerce, SaaS (Software as a Service) and cloud applications across web, social media and mobile space. It enables companies to design, develop and deploy apps on the cloud, which can be then accessed via web and mobile. The current team size of the company is 250 and it claims to have increased its revenues by 45 per cent year on year since 2007.
In 2009, Neev raised $500,000 from Basil Partners, a venture capital fund focused on opportunities in SMEs catering to IT/ITeS and technology sectors. The fund primarily invests in Indian/Asian companies that seek to expand into global markets or US/European companies that have an India/Asia centric offshore-based model.
Commenting on the acquisition, Vincent Digonnet, president (APAC) at Razorfish and Digitas, said, "Neev is providing us with the right engine, including an ability to deliver state-of-the-art web, e-commerce, mobile and social solutions. In addition, the acquisition will support the development capabilities of Razorfish technology teams in the US. Razorfish can now offer its services in India, complementing its presence in Greater China and Australia."
Razorfish enables its clients to build better brands by delivering business results driven by customer experience. It supports its clients' business needs such as launching new products, repositioning a brand or participating in the social world, with the help of a 2,800-strong team. The company has offices in the US, the UK, Australia, Brazil, China, France, Germany, Hong Kong and Japan, and its clientele includes brands including Audi, DHL, McDonald's, Nike, Samsung and Unilever, among others.
"Neev leverages leading-edge technologies in cloud and mobility space. With Razorfish, we are looking to take this to a larger portfolio of clients," said Neev's CEO Saurabh Chandra.
Publicis Groupe's services include digital media (DigitasLBi, Razorfish, Rosetta, VivaKi), creative services (BBH, Leo Burnett, Publicis Worldwide, Saatchi & Saatchi), public affairs, corporate communications & events (MSL GROUP), media strategy, planning and buying (Starcom MediaVest Group and ZenithOptimedia) and healthcare communications (Publicis Healthcare Communications Group). The group is present in 108 countries and employs 58,000 professionals.
The goal of Publicis is to double its size in India by 2015 and it has been acquiring a number of companies in the country for that purpose. Last month, it acquired the Indian digital marketing agency and consulting firm Convonix Systems Pvt Ltd for an undisclosed amount.
In December 2012, it completed two more acquisitions in India, snapping up iStrat, a digital media agency, and MarketGate Consulting Pvt Ltd, a brand and business consulting firm, for undisclosed sums. Earlier in August, it acquired Mumbai-based digital marketing startup Resultrix Media Pvt Ltd for an undisclosed amount. Prior to that (April 2012), it also acquired another Mumbai-based full-service digital agency called Indigo Consulting for an undisclosed amount.
(Edited by Sanghamitra Mandal)