New York, USA-based global marketing and corporate communications company Omnicom acquires Flywheel Digital, the digital commerce business of Ascential. The deal costs a net cash price of approximately USD 835 million. The acquisition took place on Oct 30, 2023.
As a part of the deal, Flywheel will operate as a Practice Area within Omnicom. Duncan Painter, who currently serves as CEO of Ascential, will lead the company.
The acquisition is expected to close in the first quarter of 2024. It is also subjected to Ascential shareholder approval, regulatory approvals, and customary closing conditions. Moelis & Company LLC served as financial advisor, and furthermore, Latham & Watkins LLP acted as legal advisor to Omnicom.
What the Omnicom’s Chief Executive Officer has to say
John Wren, Chairman and CEO of Omnicom, said, “E-commerce sales worldwide are set to increase by 50%, reaching about $7 trillion dollars by 2025. The acquisition of Flywheel significantly broadens our reach and influence in the rapidly expanding digital commerce and retail media sectors, two of the fastest-growing parts of the industry. Together, we will seamlessly integrate our offerings across retail and brand media, digital and in-store commerce, and CRM, ultimately delivering superior results for our clients.”
Flywheel Commerce Cloud’s product and transaction data will be connected to Omni’s audience and behavioural data to provide unmatched insights and analytics.
What the Ascential Chief Executive Officer has to comment
Duncan Painter, Ascential CEO, further added, “By connecting Flywheel Commerce Cloud’s product and transaction data with Omni’s audience and behavioural data, we are poised to offer an end-to-end set of services that outpaces the competition. We aim to empower our clients to automate, optimize, and measure their digital commerce and media spend within an increasingly complex marketplace.”
About FlyWheel
Dusty Davidson, Rick Knudtson, and Tony Noecker launched FlyWheel in 2012. Flywheel’s services enable top brands to sell more goods more efficiently across several digital marketplaces, such as Amazon, Walmart, and Alibaba.
Since 2014, Flywheel has been at the forefront of digital commerce. It develops a suite of best-in-class solutions specifically designed to accelerate sales for the world’s leading brands. The company boasts a workforce of more than 2,000 professionals. Flywheel provides services in retail commerce operations, media execution, as well as market intelligence to more than 4500 brands. Their advanced technology platform, Flywheel Commerce Cloud, delivers near real-time insights to improve decision-making and boost sales, reinforcing these services.
For the past eight years, Flywheel has assembled leading-edge digital commerce solutions. It further integrated them into a proprietary platform with a single user interface. Today, the Flywheel Commerce Cloud platform manages tens of billions in product sales. It also contains billions of advertising spend annually across digital marketplaces.
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