NEW YORK, Oct. 25, 2023 /PRNewswire/ — Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, today announced it has reached an agreement to sell its integrated healthcare marketing agency and pharmaceutical commercialization platform ConcentricLife to Accenture Song, the tech-powered creative group of Accenture (NYSE: ACN), for $245 million in cash.
“This disposition is consistent with our strategy of organizing our portfolio to focus on core digital services, including AI-based digital transformation; strengthening our balance sheet; and investing in our future,” said Mark Penn, Chairman and CEO Stagwell. “We believe Accenture Song will be a good home for ConcentricLife, consistent with their focus on growing presence in the healthcare and life sciences industry. We wish Ken and the leadership team the best in their new home.”
Completion of the transaction is subject to regulatory clearance and other customary closing conditions. Fairmount Partners is serving as the financial advisor to Stagwell for this transaction.
ConcentricLife is an agency built to answer the rising customer demand on the health marketer. ConcentricLife spans three distinct specialist practices that bring over 20 years of deep subject matter expertise in rare disease, healthcare, and wellness, with sophisticated marketing capabilities spanning the organization. We put Health at the Center through our proprietary Human Connection Score designed to build optimal brand experiences at any stage of the health journey. For more information, visit www.concentric.life.
Stagwell (NASDAQ: STGW) is the challenger network built to transform marketing. We deliver scaled creative performance for the world’s most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.
SOURCE Stagwell Inc.
Originally published at https://www.prnewswire.com/news-releases/stagwell-stgw-to-sell-concentriclife-integrated-healthcare-marketing-agency-to-accenture-301967575.html
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