Analytics and technology specialist Media iQ has benefited from its first ever round of external funding after private equity firm ECI Partners acquired a minority stake in the business.
The newly minted partnership is geared toward powering Media iQ’s expansion into new markets and funding product development from its Bangalore office with Media iQ founders Gurman Hundal and Lee Puri remaining firmly in the driving seat as majority shareholders.
Hundal commented: “The partnership with ECI is all about accelerating our ambition and growth. ECI has a long and proven track record of partnering with innovative, high-growth businesses and today marks the start of a new chapter in our journey.”
Puri added: “We are incredibly excited to work alongside Tom Wrenn, who will join our board, as well as the rest of the team at ECI, to further cement our position as the leader for the smart, connected, data-drive world.”
Addressing ECI’s interest in making a move on Media iQ, head of TMT at ECI, Tom Wrenn, said: “Media iQ is one of the UK’s unsung technology successes and has seen unprecedented growth in the last few years. Having built their own proprietary analytics and planning platform, AiQx, alongside their global footprint and partnerships with some of the world’s leading brands and media agencies, Media iQ is poised for further growth and expansion.”
Media iQ, which recently entered into a cross device integration deal with Adbrain, presently operates a network of 12 international offices from its London head office.