Omnicom’s (OMC) Unit Completes Purchase of Levo Digital
Omnicom Group Inc.’s OMC Clemenger Group, through its Clemenger BBDO unit, completed the acquisition of the majority stake in Levo Digital. Clemenger Group is majority owned by Omnicom through its BBDO advertising agency network.
With offices across Australia and New Zealand, Levo Digital specializes in marketing services and technology business. Levo Digital helps companies to take to digitalization by providing them with marketing technology and tools, specializing in marketing automation and e-commerce platforms.
The Levo Digital brand name will be retained and the business will be headed by its founders, Callum Hoogesteger and Craig Roberts, even after the buyout.
The deal will see the integration of Levo Digital’s marketing technology and tools into Clemenger’s existing digital and data capabilities. The two companies are already working with each other for a significant number of clients. The new deal further raises optimism about the upcoming growth opportunities for both.
The combined entity is expected to set standards in the industry with its potential to accelerate business transformation. Overall, the combination is also expected to further boost the advertising and marketing service offerings of Omnicom.
Zacks Rank & Stocks to Consider
Currently, Omnicom carries a Zacks Rank #4 (Sell).
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