Despite Recapitalization, AKQA to Remain an Indie
To dispel rumors that it had been sold off (as the Wall Street Journal alluded to), interactive advertising firm AKQA has announced that it will remain independent and it has in fact received recapitalization from private equity firm General Atlantic.
AKQA had been exploring different possibilities, but opted instead to recapitalize. “We see this as an investment,” said AKQA CEO Tom Bedecarré in a statement. “We had some previous investors who were interested in being liquid and we also wanted to take a look at our strategic options.”
AKQA has not released the exact terms of the agreement with Atlantic. According to a company statement, while exploring those strategic options, AKQA attached a price tag of around $200-250 million and attracted several potential buyers from both ad holding companies and other equity firms.
“The best solution was to work with someone who is not in our business but who is willing to be a long term partner and help us grow,” added Bedecarré.
Recently, AKQA expanded into China, opening an office in Shanghai, and is currently expanding its mobile marketing division. The agency handles accounts from major brands including Microsoft’s Windows Vista, Nike and Coca-Cola.
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