The two co-founders of W12 Studios will continue to lead the company, which will retain its current name, branding and location in London's historic Metropolitan Wharf in Wapping district.
IT major Tata Consultancy Services Friday said it has acquired London-based digital design company W12 Studios, in its first merger and acquisition (M&A) in the space as well as under the leadership of CEO Rajesh Gopinathan. Financial details of the deal, however, have not been disclosed by the company.
As part of the deal, W12 Studios will become a part of TCS Interactive, the digital design arm within TCS’ Business & Technology Services organization, which focuses on challenging business problems through design thinking, creativity, contextual knowledge and use of technology, it added. The acquisition would further strengthen the IT giant’s digital business by adding new capabilities and technology offerings.
“With its bold, provocative and visionary approach to design, W12 Studios adds to TCS Interactive’s portfolio of services as it helps the world’s leading brands innovate, create and deliver unique digital experiences across the entire user journey,” Krishnan Ramanujam, President, Business and Technology Services, TCS, said in the statement.
Shares of TCS today were trading at Rs 1926, down about 0.42% at 11:30 AM (IST) from their previous close on BSE. Stock of the company touched an intraday high of Rs 1953.50 a share and an intraday low of Rs 1918 a share, after opening at Rs 1935 on Friday.
In the financial year 2018, digital segment accounted for 21% of the company’s $19 billion in revenue as compared with a growth of 43% in the previous financial year of 2017.
Earlier in April, another tech major Infosys had also announced to acquire US-based digital creative and consumer insights agency WongDoody for around $75 million. Besides, Tech Mahindra had also bought UK-based BIO Agency in 2016.
Founded in 2012 by Fabian Birgfeld and Michael Albers, W12 Studios is into the business of creating products for leading global brands. The company has a team of about 50 people. The two co-founders will continue to lead W12 Studios and the digital agency will retain its current name, branding and location in London’s historic Metropolitan Wharf in Wapping district.