Digital agency Gozoop has acquired Mumbai-based iThink InfoTech, which specialises in custom software development for web and mobile, for an undisclosed amount.
This is Gozoop's second acquisition within a year. The company had earlier acquired Mumbai-based social media agency Red Digital in July 2013.
However, unlike the Red Digital acquisition that grew Gozoop's base in digital media, this acquisition enhances the company's technology foothold. Post acquisition, iThink will continue to run as a separate entity and will be the technology arm of Gozoop.
"Technology and products have been our key focus and iThink's delivery capabilities will help us move faster towards our vision," said Rohan Bhansali, co-founder of Gozoop.
"Both our services as well as products will benefit from iThink's expertise. We plan on deploying iThink's expertise to create more disruptive technology solutions under our Zozolo suite of products," added Gozoop co-founder Ahmed Naqvi.
Founded in 2010 by the trio of Ishan Doshi, Ankit Sanghvi and Mayank Kothari, iThink meets the needs of small, mid size and large companies by providing them with high-end custom technology solutions that enhance their business intelligence, thereby saving time and costs.
Its offerings include software development, web development, product development, open source development, e-strategy consulting, web-designing, customised CRM applications, customised ERP applications, design solutions and WAP development. Based in Mumbai, iThink's clientele includes companies like Piramal Group, Birla Gold, Ambuja Cements, and Lakhani Group.
The acquisition strengthens Gozoop's foothold in digital technology and is in sync with its strategy of transforming into a digital service and products company.
"Gozoop's global presence and clientele will enable us to direct our capabilities to create bigger and better technology solutions. Other than the business compatibilities, I also believe the culture compatibilities played a big role in creating this win-win," said Doshi.
Founded in 2010 by Naqvi, Bhansali and Dushyant Bhatia, Gozoop's business consists of three verticals—services, products and web properties. Under Gozoop Services, the company provides social media marketing, online PR, search engine marketing and optimisation, media buying, web design & development and mobile applications. Under Gozoop Products, it offers three properties— Zozolo Social ROI, which enables brands to leverage ROI from their social media properties; Zozolo Social Loyalty, which enables brands to discover, engage and align their most loyal fans, thus turning them into brand ambassadors; and Zozolo Social Commerce that enables brands to set up social e-stores under product trends & consumer behavior.
The Mumbai-based company also has presence in Dubai and Singapore. Its clientele include brands like Dell, Lipton Ice Tea, Tim Hortons, Cold Stone Creamery, Ferrari, Reliance and Motorola.
(Edited by Joby Puthuparampil Johnson)