WASHINGTON, Oct. 19, 2016 /PRNewswire-USNewswire/ -- The Stagwell Group (www.stagwellgroup.com) announced today that it has made a strategic investment to create Stagwell Technologies. Hubub, a technology company based in Toronto, Canada, will become the backbone of Stagwell Technologies and will develop big data platforms and innovative advertising technologies for the marketing services industry.
Stagwell Technologies will bring nearly 100 talented developers to the Stagwell Group's now 1350 person-strong global network. As a digital-born marketing services group, Stagwell brings a unique skill set to client challenges that spans from strategy to development to execution in the digital world.
The Stagwell Technologies team will be led by Managing Partners Peter L. Corsell and Richard Oh, the cofounders of Hubub, which has created digital platforms for communities to engage with media organizations and corporations. Stagwell Technologies will be based in Toronto.
"Stagwell Technologies is a key part of our push into advertising technology and brings our portfolio's total development force to over 300 people," said Stagwell Group Managing Partner Mark Penn. "Stagwell Technologies' development team will create big data and advertising products for our clients and our portfolio companies at speed. So often companies get stuck with the technology they start with – these developers will experiment and innovate every day, providing our clients with cutting-edge technology solutions."
"We are very excited to join the Stagwell Group," said Stagwell Technologies Managing Partner Peter L. Corsell. "We look forward to serving Stagwell's portfolio companies and clients, and are delighted to be part of the leading digital-born marketing services group."
Terms of the deal were not disclosed.
About the Stagwell Group
The Stagwell Group LLC is a registered investment advisory company formed by Mark Penn who serves as the Managing Partner of Stagwell Media LLC, a private equity fund. The Stagwell Group portfolio includes PMX Agency, a leading integrated performance-driven global marketing firm, creative digital firm Code and Theory, strategic communications firm SKDKnickerbocker and entertainment research firm National Research Group (NRG). Stagwell Group has also made a strategic investment in public relations firm Finn Partners and created communications agency Wye Communications. The fund previously announced it has raised $250 million in capital and may leverage that to make up to $750 million in acquisitions. Online at www.stagwellgroup.com.
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SOURCE The Stagwell Group