Capital One Financial has purchased another digital design studio as it works to deepen its reach in Silicon Valley.
Capital One this week acquired Monsoon in Oakland, Calif., for an undisclosed amount, according to the company. The deal was first reported on Wednesday by the San Francisco Business Times. The companies first announced the deal in an animated video released by Monsoon.
Capital One declined to comment and Monsoon could not be reached for comment.
Capital One has made a number of recent moves to boost its expertise in design and payments technology, including the acquisitions of money management app-developer Level Money, the web design and consulting firm Adaptive Path and mobile startup Bankons. Also last year, Capital One hired a designer from Google's advanced technology and projects team to develop mobile-commerce and payments technologies.
About half of Monsoons employees, including chief executive and founder Sandeep Sood, will join the bank, and the rest will remain with a rebranded agency called Kunai, according to the firm. Monsoon's client list included Hewlett-Packard, Microsoft, the NBA and the Academy Awards.
Capital Ones relationship with Monsoon goes back six months, when the design company began working on the banks mobile apps and web development. The products of that relationship have already come to market, including a new iPhone app.