NEW YORK – November 2, 2023 – Stagwell (NASDAQ: STGW), the challenger network built to transform marketing, announced it has sold its integrated healthcare marketing agency and pharmaceutical commercialization platform, ConcentricLife, to Accenture Song, the tech-powered creative unit of Accenture (NYSE: ACN), for $245 million in cash.
Founded in 2002, ConcentricLife is recognized as one of the MM+M Agency 100, the industry’s definitive guide to the top agencies in the health landscape. Its award-winning global team has extensive subject-matter expertise in rare diseases, healthcare and wellness, with sophisticated marketing capabilities spanning the organization. ConcentricLife works with many of the world’s most influential companies within the biopharma industry.
“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.”
David Droga, CEO, Accenture Song said: “We recognize and value the position ConcentricLife has established as a leading healthcare marketing agency and our mutual commitment to healthcare providers, patients, and consumers with a focus on health outcomes. We believe that together with ConcentricLife we will create a powerful capability to shape the future of health experiences and provide a truly compelling proposition for our clients.”
With creative marketing services and strategic consulting services vital to the growth and relevance of pharmaceutical, biopharma and medical technology device brands, Accenture Song and ConcentricLife have an aligned vision of the tremendous opportunity ahead in professional, patient and consumer health communications given the global healthcare market is expected to grow to US$665 billion by 2028, according to Verified Market Research.
ConcentricLife offers full-service digital healthcare marketing and communications expertise and capabilities that help brands answer rising consumer demands in rare diseases, health and wellness. Each of ConcentricLife’s practices revolves around a core of experts in marketing practices, including experience design, engagement, commercial strategy, production, medical communications and social. Clients rely on ConcentricLife to launch their most important brands and improve the brand experience over the entire product lifecycle. Headquartered in New York, ConcentricLife’s 270+ employees will join Accenture Song in other markets including Atlanta, Chicago, Ft. Lauderdale, San Diego and London.
Ken Begasse Jr., CEO, ConcentricLife said: “Our shared ambition has always been to change the way health is experienced. This transaction will enhance our ability to help our clients achieve this vision in addressing the challenges of tomorrow. With this combined talent of diverse thinking and experiences, we will extend our ability to solve new patient and provider challenges in high-impact areas including access, clinical trials, and patient services.”
Fairmount Partners served as the financial advisor to Stagwell on this transaction.
About ConcentricLife
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. ConcentricLife puts Health at the Center through its proprietary Human Connection Score™ designed to build optimal brand experiences at any stage of the health journey. For more information, visit www.concentric.life.
About Stagwell
Stagwell (NASDAQ: STGW) is the challenger network built to transform marketing. Stagwell delivers 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, Stagwell’s 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. For more information, visit www.stagwellglobal.com.
About Accenture
Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. Accenture is a talent- and innovation-led company with approximately 733,000 people serving clients in more than 120 countries. Technology is at the core of change today, and Accenture is one of the world’s leaders in helping drive that change, with strong ecosystem relationships. Accenture combines its strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Accenture is uniquely able to deliver tangible outcomes because of its broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with its culture of shared success and commitment to creating 360° value, enable Accenture to help its clients reinvent and build trusted, lasting relationships. Accenture measures success by the 360° value it creates for its clients, each other, shareholders, partners and communities. For more information, visit www.accenture.com.
About Fairmount Partners
Fairmount Partners (www.fairmountpartners.com) is an independent merger and acquisition advisory firm focused on emerging growth and middle-market companies. Fairmount helps its clients complete mergers and acquisitions, raise funds for growth, acquisitions and liquidity, and design and improve their corporate development strategies. Fairmount’s clients include successful entrepreneurs, private equity-sponsored enterprises and global public companies. Fairmount’s Healthcare group has completed 178 transactions for clients in 23 countries throughout North and South America, Europe, Asia and Australia.
Contacts:
Neal McCarthy
Managing Director
neal.mccarthy@fairmountpartners.com
R.C. Wainwright
Director
Fairmount Partners 