Stagwell Group, founded by former Microsoft executive Mark Penn, has acquired a majority stake in creative digital agency Code and Theory.
The deal follows closely behind Stagwell’s acquisition of National Research Group from Nielsen at the end of November and PR and political consulting firm SKDKnickerbocker in October.
Code and Theory, co-founded in 2001 by Dan Gardner and Brandon Ralph, will continue operating independently within Stagwell. Its current management team will remain in place, and Mr. Gardner and Mr. Ralph still hold a minority ownership stake.
Mr. Penn said Code and Theory’s combination of “engineering and creative talent that goes to creating great digital experiences with great growth brands” is in line with Stagwell’s strategy.