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Stagwell Buys to Establish Big Data and Ad Tech Unit

October 21 2016

The Stagwell Group, the investment advisory company formed by PSB co-founder Mark Penn, has invested an undisclosed amount to acquire Canadian tech company Hubub, which will form the core of a new division, Stagwell Technologies.

Mark PennJust under 100 developers from Toronto-based Hubub will join the new company, to develop big data platforms and new advertising technologies for the marketing services industry. Stagwell Technologies will be based in Toronto and led by Hubub co-founders Peter L. Corsell and Richard Oh, with the new title of Managing Partners. Founded just over a year ago, the Group now has a headcount of around 1,350.

Corsell comments: 'We are very excited to join the Stagwell Group. 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'.

Penn (pictured) comments: 'Stagwell Technologies is a key part of our push into advertising technology and brings our portfolio's total development force to over 300 people. 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'.

The Stagwell Group portfolio includes performance-driven marketing firm PMX Agency, strategic communications firm SKDKnickerbocker and entertainment research firm National Research Group (NRG). The Group has also invested in public relations firm Finn Partners and created communications agency Wye Communications. The fund has raised $250m in capital and says it may leverage that to make up to $750 million in acquisitions.

Group home page: www.stagwellgroup.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

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