Publicis Groupe has agreed to acquire Boston-based technology consulting and marketing company Sapient for approximately $3.7 billion, or $25 per share in cash.
TheÂ two companies’Â management and supervisory boards have unanimously approved the transaction, Sapient said Monday.
Maurice Levy, Publicis Groupe chairman and CEO, said the company aims to expand in new vertical markets and generate 50 percent of its revenues from digital and technology sales before 2018 through the acquisition.
Sapient CEO Alan Herrick will continue to lead the organization, while founder Jerry Greenberg will join Publicis Groupe’s supervisory board once the deal completes.
âThis transaction provides substantial value to our shareholders, offers an ideal cultural match for our people and provides an opportunity to share a wealth of new capabilities with our clients, ” Herrick said.
The firms expect to complete the purchaseÂ in the first quarter of 2015 and seek to develop an integrated digital communications, marketing, commerce and technology portfolio.