Essel Group ME, which is part of media tycoon Subash Chandra-led Essel Group, has acquired Spanish production company boo.lab through its subsidiary Essel Media Hub.
According to a company statement, the acquisition will help Essel Media Hub expand its media and production capabilities and add ground-breaking technologies to its portfolio. The company, however, did not disclose the value of the acquisition.
Barcelona-based boo.lab, which was established in 2001, uses cutting-edge technology, such as augmented reality, mixed reality (merging the real and the virtual), live action and 4D, in its media productions.
The company has created immersive media campaigns for its clients, which include auto companies Ford, Lexus and Peugot, sportswear maker Adidas and furniture retailer IKEA, among others.
“boo.lab’s technical expertise perfectly complements Essel Serena’s existing offering. This acquisition cements Essel Media Hub’s leading position in the Middle East and internationally,” said Gagan Goel, managing director, Essel Group ME.
In June, Essel Group ME had acquired Serena Middle East, the Dubai-based arm of Spanish media and production company Serena, which subsequently came to be known as Essel Serena.
Essel Group ME is a wholly-owned subsidiary of Essel Group, the Indian multinational conglomerate that operates in a broad spectrum of industries, including media, packaging, infrastructure and technology.
Essel Group ME was founded in 2012 and operates primarily in Europe, West Asia, Africa and the Asia Pacific region. The group has presence in natural resources, energy, industrial supply and logistics, education, financial services and media production.
In 2015, Essel Group ME had signed an agreement with Canadian firm Simba Energy Inc to pick up a 60% stake in its African oil and gas exploration projects for an undisclosed amount, besides acquiring Bada Potash exploration licence in Eritrea for an undisclosed amount.