Global digital agency Valtech is acquiring Dubai-based digital-experience design specialist, Revonic from Metdist Limited, a family owned, private investment vehicle.
Following the recent announcement that Valtech secured funding from BC Partners valuing the company at $1.4 billion, today’s update is the latest addition in a series of recent acquisitions for the company. The introduction of Revonic to the group is confirmation of Valtech’s ambition to deliver transformative work and services to clients across the Mena region.
"We are excited to welcome Revonic into the Valtech group and to be expanding our operations across Mena. We are not only welcoming an impressive set of new clients, but also an impressive and talented team that will help to strengthen and develop our international brand and increase our reach," said Olivier Padiou, Group Chief Executive Officer at Valtech.
Valtech’s expansion comes at a pivotal time for the region, which is seeing an insatiable appetite to digitalise and automate everything from citizen services to logistics, amid a rapid adoption of ecommerce. In line with this, enterprises are implementing frictionless customer experiences across multiple industries.
"The acquisition of Revonic, a market-leading agency, shows Valtech’s continued commitment to creating real impact across the Mena region. With a great set of talent, leadership, and clients, powered by the Valtech-connected agency model, we will go from strength to strength. I look forward to working with our amazing clients – who, with us, are striving to deliver connected and convenient experiences to their customers across a range of industries – and to further accelerating the region’s drive towards digital adoption," said Kareem Monem, Regional Managing Director, Valtech Mena.
Valtech enters the region with a unique value proposition, having pioneered some of the world's most innovative digital products and solutions for companies like L’Oreal, easyJet, Audi and PepsiCo. As recently showcased by Microsoft CEO, Satya Nadella, who referenced Valtech’s work with MAC Cosmetics in his latest industry keynote, Valtech has a strong track record of overcoming complex industry challenges and unlocking customer value in an ever-changing landscape.
Revonic is a regional leader in the design of digital experiences at all points along the digital-transformation journey – from strategy and conceptualisation to implementation and evaluation. The company works with its customers including Emirates Airlines and many others to combine function, brand, and business objectives and deliver experiences that make a lasting impact for end users.
"Revonic takes an organisation’s digital offerings further, through data-based actionable insights. By putting enterprises in the driver’s seat of their digital vehicle, we have given new confidence to the region’s innovators to tweak the customer experience and fine-tune performance. In so doing, we have built strong market trust and logged success stories in the banking, retail, automotive, government, and travel and tourism sectors. We are delighted to be joining Valtech, a move that will allow us to serve customers on the global stage and deliver fresh experiences across the full digital and business-transformation spectrum," said Adam Cukrowski, Founder & CEO of Revonic.
Awad Capital Ltd., a DFSA regulated firm, acted as exclusive financial advisors to Revonic and its shareholders. On the legal side, TLA acted for Revonic and Hogan Lovells for Valtech.
“We are delighted to have agreed the sale of Revonic to Valtech. Our strategy is to buy high class businesses and accelerate growth through strategic and operational input.To this end, Revonic has been a successful investment for us. During our ownership, we have repositioned Revonic as a leading experience design agency, entered new markets and grown revenue threefold.” said Mark Thornton, Chief Investment Officer for Metdist Limited.
This acquisition is still pending approval by regulatory authorities.
Sourced from Khaleej Times