The Richmond-based consulting firm Play, which works with companies to develop innovation and creativity, is joining a larger organization with a wider global reach.
Play announced yesterday that it has been acquired by Prophet, a San Francisco-based strategic consulting firm that has a similar mission. Both firms work with businesses and other clients to hone their strategies in branding, marketing and improving performance.
Terms of the deal were not disclosed.
Play is keeping its name and its office in Shockoe Bottom, said Andy Stefanovich, who founded the firm in 1990 and whose title with Play is "In Charge of What's Next." The company used to be called Opus Event Marketing.
The acquisition gives Play access to more intellectual resources and a stepping stone to reach clients around the world, he said. Play clients include companies and organizations such as General Electric Co., Colgate-Palmolive Co. and the U.S. Olympic Committee.
"We have been seeking the opportunity to realize our value as a global organization, and Prophet gives us that capacity and footprint," said Stefanovich, now a senior partner with Prophet.
Play has 20 employees at its Richmond office and about 10 working in New York, Washington, and at an affiliate office in Mexico City. Prophet has 120 employees in San Francisco and offices in Chicago, New York, and several locations in Europe and Japan.
Stefanovich said he had been looking for a strategic partner for about three years to help expand the firm's footprint. Prophet had independently identified Play as a potential partner before the firms began discussions more than a year ago, he said.
Even with the slow economy and many companies cutting back on costs, Stefanovich said, Play's client pipeline has increased about 30 percent during the past year as companies seek ways to innovate in the recession.
"Our work will stay the same in a very large way, but it also will be extended and stretched in different ways," he said.
Contact John Reid Blackwell at (804) 775-8123 or jblackwell@timesdispatch.com.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement