Omnicom (NYSE: OMC), a New York-based global marketing and corporate communications company, acquired Flywheel Digital, the digital commerce business of Ascential (LSE: ASCL.L), for a net cash purchase price of approximately $835M.
The acquisition, which will expand Omnicorm’s operations, is expected to close in the first quarter of 2024 and is subject to Ascential shareholder approval, regulatory approvals, and customary closing conditions.
Flywheel operates a cloud-based digital commerce platform whose services enable top brands to sell goods efficiently across hundreds of digital marketplaces, such as Amazon, Walmart, and Alibaba. It enables its clients to access near real-time performance measurement and improve sales, share, and profit. With operations across the Americas, Europe, APAC, and China, the system offers clients access to global markets for more than 400 digital marketplaces. The company has a workforce of more than 2,000 professionals.
Led by John Wren, Chairman and CEO, Omnicom is a global marketing and corporate communications company whose branded networks and numerous specialty firms offer services in advertising, strategic media planning and buying, precision marketing, commerce and branding, experiential, customer relationship marketing (CRM), public relations, healthcare marketing, and other specialty communications services, to over 5,000 clients in more than 70 countries.
Flywheel will operate as a Practice Area within Omnicom and will be led by Duncan Painter who currently serves as CEO of Ascential.
FinSMEs
30/10/2023