The acquisition by ONGO Framework diversifies its portfolio of offerings to also provide end-to-end digital solutions
ONGO Framework, a B2B IT and digital solution provider, has acquired Hyderabad-based Hockystick Media in a cash-plus-equity deal of undisclosed value. ONGO also received an angel investment of $1 million by multiple angel investors and this round was led by its earlier investor by Mitesh Majithia who is also a serial entrepreneur.
Hockystick Media, established in April 2016, is founded by ex-Googlers Shrikanth Katkurwar, Abhijit Gogoi, and Ambujam. It provides end-to-end digital marketing solutions and has worked with several SMEs and high-growth startups from India, in addition to supporting digital agencies across the US and the UK.
Speaking on the acquisition, Rama Kuppa, Founder & CEO – ONGO Framework, said, “After having served thousands of customers and multiple channel partners, we observed that most companies feel challenged in leveraging and promoting their digital assets. Strategically, the Hockystick acquisition is aimed to fill this gap.”
According to Rama, going forward, the Hockystick team would be involved in helping more business owners with new customer acquisition, and in establishing their brand, driving campaigns to get desired ROI, and conducting trainings etc.
ONGO Framework, which was established in 2011, will use the latest fund infusion to drive talent acquisition, technological innovation, and marketing efforts. It will also be looking to tap into the growing demand for digital transformation solutions from SMEs in emerging markets across the Middle East and North Africa (MENA) region, as well as from more mature economies such as the US.
ONGO Framework, which is expected to cross an annual recurring revenue (ARR) of $1 million in the current financial year, is targeting an ARR of $10 million by March 2020 following the Hockystick acquisition. The company also expects digital revenue to account for 25 percent of its total topline.
Soon, ONGO Framework and Hockystick will also launch a ‘Tech & Digital Growth Incubation Platform for Start-ups’. The initiative is aimed towards providing technological and digital marketing support to early-stage startups that lack development/marketing expertise and funds.
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