SVG Media, a Gurgaon-based digital media network company that runs Tyroo, DGM and Precision Match, on 3 December acquired mobile video technology platform Seventynine and digital agency Networkplay from Gruner+Jahr, one of Europe's largest printing and publishing firm based in Germany.
Industry sources have pegged the deal at around USD 15 million.
Post the acquisition, SVG Media has garnered over 8 per cent market share of digital media. Furthermore, it is now reaching over 100 million Internet users on mobile and PC.
Manish Vij, founder and CEO of SVG Media, said that the acquisition will give the company a larger pie of the country's digital advertising market, pegged at Rs 3,500 crore at present. "This will make us India's largest advertising technology company with over $40 million in revenues and 8% market share of digital media spends in India," he said.
SeventyNine’sprevious co-founders Chirag Shah and Deven Dharamdasani, said, “We are very excited to be back and working with the same team at SeventyNine and are very confident of making it the largest mobile video advertising technology platform in Asia.”
Apart from having Flipkart, Amazon and Snapdeal among its clients, SVG Media played a major role in online campaign during the general elections.