Hyderabad based application development platform ONGO Framework has acquired digital marketing startup HockyStick Media in a cash and equity deal. The details of the deal remain undisclosed.
ONGO has also raised ₹7 crores ($1 million) from a clutch of angel investors led by its existing investor Mitesh Majithia.
The new acquisition will help ONGO to help provide end-to-end digital solutions by integrating HockyStick’s digital marketing solutions.
The fresh funding will be used to boost talent acquisition, technology innovation, and marketing efforts.
HockyStick was founded by ex-Google employees Shrikanth K and Abhijit Gogoi in 2016, with its headquarter in Hyderabad. The startup enables businesses to establish their online presence through cutting-edge digital marketing strategies.
It provides various services to help its clients through search engine optimisation, content marketing, web analytics, email marketing among others.
While ONGO Framework was founded by Rama Krishna Kuppa and Anasuya Akilla. It integrates innovative technologies such as Cognitive Computing, Artificial Intelligence and Machine Learning with industry-specific solutions to create a robust platform for businesses to grow.
Speaking on the acquisition, Rama Kuppa, Founder & CEO – ONGO Framework, said, “After having served thousands of customers and multiple channel partners, we observed that most companies feel challenged in leveraging and promoting their digital assets. Strategically, the Hockystick acquisition is aimed to fill this gap.”
ONGO Framework will be looking to drive the growth of small business as new businesses look to integrate online solutions to expand. It will leverage HockyStick’s technology to further its goals.
ONGO is expected to cross annual recurring revenue (ARR) of $1 million for the current fianncial year. Post acquisition, it is targeting $10 million in ARR by March 2020.