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Mumbai based digital advertising network Fork Media has acquired Wi-Fi advertising network, Spid Info Media based out of Delhi for an undisclosed sum. Fork Media will leverage Spid’s technology for advertisers and publishers by offering them one of the largest audience platforms, targeting on-the-go consumers. Also, the partnership is in line with Fork’s vision of becoming the leading player in the alternate ad inventory space.
Fork Media is said to have shelled out between $3 Mn and $5 Mn for this acquisition. The cash and stock deal is the second by the company, which acquired ClickZoot, a performance ad network, in 2014.
Samar Verma, founder and CEO of Fork Media stated, “Having Spid as a part if the Fork Media group is a strategic move for us. We see Wi-Fi as an alternative eco-system – a parallel economy, that’s growing rapidly. With the onset of 4G, a lot of telecom players are investing in Wi-Fi infrastructure to offset the costs involved in setting up 4G. Additionally, the Wi-Fi ecosystem takes location targeting to the next level by not only delivering relevant content to the consumer in and around a certain location, but also offering destination targeting. We are steering Fork Media to be less device-centric and more consumer-centric in our ad solutions. Therefore, this is an extremely important link in the chain for us in the consumer’s journey.”
Spid Info Media helps clients to reach out to audiences using Wi-Fi networks at airports, cafes, hotels, stadiums, malls and other public spaces. It is present in over 1,200 locations, including airports and quick service restaurants. According to its website, it works with companies such as Starbucks, McDonald’s and KFC, among others. The acquisition of equity in Spid is a part of Fork Media’s larger expansion plans. It had recently made its foray into international markets with the launch of its operations in Dubai – targeting the GCC Region.
This year has seen quite some activity in the digital advertising space. In May, Delhi-based Digital Vidya, a digital marketing training company acquired Digital Academy India – a leading Indian digital marketing education firm. Prior to that, in January, the Indian arm of Japanese advertising and public relations company, Dentsu Aegis Network India acquired around 75% stake in WATConsult– a full service digital and social media agency launched by Rajiv Dingra in 2006.
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