Pune, India and London, UK, 03 Nov 2016
Zensar Technologies (UK), a wholly-owned subsidiary company of Zensar Technologies, an RPG Company and the shareholders of Foolproof today announced that they have entered into a definitive agreement for Zensar to acquire Foolproof along with its two wholly-owned subsidiary companies in UK and one wholly-owned subsidiary company in Singapore for an undisclosed sum. Under the terms of the agreement, Foolproof will now be a wholly-owned subsidiary of Zensar Technologies (UK). The deal will be financed by internal accruals, and will be EPS positive for the company.
Foolproof is one of Europe's leading experience design agencies, headquartered in London with other offices in Norwich and Singapore. The company helps global brands design better, and more relevant, digital products and services for customers based on a deep understanding of consumer behavioyr, their clients' business and new technology, and counts many Global500 firms among its clients.
Announcing the acquisition, Harsh Goenka, Chairman of RPG Enterprises and Zensar said: "Foolproof's market leadership in experience design and the strong management team at its helm, are strategic to Zensar's plan to increase market share in this increasingly pertinent space. The integrated proposition of the two companies will augment the value Zensar delivers to clients."
"The importance of consumer experience is growing exponentially today, and we believe investing in experience design will go a long way in earning our clients' interest, business and most of all their loyalty", said Sandeep Kishore, Chief Executive Officer and Managing Director of Zensar. "This acquisition fortifies Zensar's digital offerings and furthers the company's ability to work with CMOs and CDOs to improve outcomes for their customers, and to drive innovation through design. It helps sharpen our focus on delivering Return on DigitalTM to our clients", he added.
"Digital has fundamentally changed how consumers view and interact with brands, but many businesses have been slow to react to this change. Our rigorous approach to design using real customer insight to inform the design at every stage of the process, helps us deliver digital experiences which create value for both our clients and their customers. Joining forces with Zensar will give us access to greater resources, and extends our global reach, to help us in our mission to positively impact the lives of millions of people around the world through great design", said Peter Ballard, Partner at Foolproof.
With Foolproof's leadership in experience design, and Zensar's proven track record in digital transformation programs, the company is well positioned to be an end-to-end digital transformation services partner for its clients keen to maximise their 'Return on Digital' by focusing on the key aspects of eCommerce, customer experience and application management.
Foolproof also brings marquee clients across BFSI, retail, high technology and oil and gas segments into the Zensar fold. The addition of Foolproof's 100 consultants, with knowledge and understanding in strategy and planning, design research, design and development and creative technologies will strengthen Zensar's digital capabilities.
Foolproof will operate under its own brand name, and will continue to be managed by founders Ballard and Tom Wood. Foolproof's management team and all their associates based in London, Norwich and Singapore will become a part of Zensar's Global Digital Services organisation.
Zensar's legal advisors were Charles Russell Speechlys.
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