Pressman Advertising and Signpost India have signed an agreement to merge their businesses creating a larger entity mutually beneficial to all the stakeholders..
The merged firm would offer a larger bouquet of services in the areas of advertising and promotion with focus on digital media and emerging technologies.
The company has constituted a Committee of Directors to facilitate the merger process, including appointment of registered valuers, merchant bankers, legal consultants and other intermediaries.
Signpost is an independent ISO certified Digital Out of Home Enterprise. It has wide experience in implementing large scale public oriented projects, including street furniture, transit, public bicycle sharing and internet traffic monitoring system with over 32 Government authorities across the country.
It serves over 100 corporates, PSUs, tourism and MSME brands through its own network of 11 offices.
Signpost has a strategic investment in MojoBoxx, a smart device-based wireless solution that enables the delivery of in-flight services, including multimedia content and engagement services.
Signpost net profit last fiscal fell to ₹5 crore against ₹18 crore logged in FY'20, largely due to Covid pandemic. Its revenue fell 56 per cent to ₹186 crore ( ₹425 crore).
Pressman, an ad agency engaged largely in print advertising, public relations and digital advertising is a debt free company with cash reserves of about ₹40 crore.
Niren Suchanti, Chairman and Managing Director, Pressman Advertising said the alliance would enable rapid growth with a larger offering and the combined strength of two entities would significantly enhance shareholders’ value.
Shripad Ashtekar, CEO and Co-founder, Signpost, said, the company has been a pioneer in Digital Out of Home advertising and the merger would result in accelerated growth for the benefit of all stakeholders.