Digital marketing company Gozoop has announced the acquisition of Mumbai-based digital media and internet marketing agency HAT Media, the company said in a statement.
Digital marketing company Gozoop has announced the acquisition of Mumbai-based digital media and internet marketing agency HAT Media, the company said in a statement. The deal terms, however, weren’t disclosed. HAT Media manages Twitter handle of Mumbai Police and other government organisations.
With this business acquisition, HAT Media’s clients will be absorbed within Gozoop group. The former’s founder Sunchika Pandey will be heading as the Group Director for the citizen initiatives and government organisation division of Gozoop.
“A real-time mindset to leverage opportunities for brands by creating outstanding content on the fly is an unfair advantage in the digital world. We are happy to partner with HAT media to leverage these capabilities,” said Ahmed Aftab Naqvi, CEO & co-founder, Gozoop.
Since 2016, Gozoop has acquired three other business including social media agency Red Digital in 2013. Before this, the company had bought iThink, a technology development enterprise in 2014 and events agency 56 Blue Lights in 2016.
“HAT is well known in the industry for its content capabilities. We are richer in capabilities and values now by having Sunchika as part of Gozoop’s leadership team,” added Rohan Bhansali, Co-founder.
While most digital agencies are being acquired by international networks, Gozoop has been independently growing inorganically through these acquisitions and international expansions, the company said.
Commenting on the acquisition, Sunchika Pandey, Group Director of Gozoop, said, “Being a part of Gozoop will help me facilitate my vision of using the digital space for achieving the greater good and give momentum to my cause.”
According to a report by media group Dentsu Aegis Network earlier this year, the digital advertising industry is expected to grow by 32% to hit Rs18,986 crore mark by 2020, due to rising smartphone usage and internet getting cheaper.
Digital ad expenditure stood at Rs 8,202 crore – 15% of total spend by ad industry – and is expected to grow to 24% by 2020, according to the report. The market size currently stands at Rs 55,960 crore.