Ongo acquires Hyderabad firm Hockystick Media
An IT and digital solutions provider Ongo Framework recently announced the acquisition of citybased Hockystick Media, a digital marketing agency, for...
Hyderabad: An IT and digital solutions provider Ongo Framework recently announced the acquisition of city-based Hockystick Media, a digital marketing agency, for an undisclosed cash and equity deal. The marketing agency founded by ex-Googlers Shrikanth Katkurwar, Abhijit Gogoi, and Ambujam, delivers digital marketing solutions to SMEs and startups in India and across the US and UK, in support to external digital agencies. However, it will continue to function independently under its brand name after the acquisition.
Post-acquisition, Hockeystick will further provide service to the channel partners of Ongo, to streamline digital marketing and assist in lead generation. Rama Kuppa, CEO, Ongo Framework, said, “after having served customers and multiple channel partners, we observed that most companies feel challenged in leveraging and promoting their digital assets. Strategically, the acquisition is aimed to fill this gap.”
Further, the acquisition comes close on heels of a $1 million investment led by angel investor Mitesh Majithia, a previous investor in Ongo in 2016. The funding also witnessed participation from Paras Parekh of Credit Suisse and Haresh Keswani from Celgene among others. Having been bootstrapped in the initial phases of its growth, the company will use its latest capital infusion to drive its talent acquisition, technological innovation, and marketing efforts.
Moreover, Ongo claims it is on track to surpass an annual revenue run rate of $1 million as of FY19 and is targeting an annualised revenue run rate of $10 million by March 2020. And, it expects digital revenues to contribute about 25 per cent of its total revenues.