It takes over from Edinburgh-based Acumen, which held the account for two years.
Consolidated will concentrate on profile building in Scotland and the rest of the UK, led by Edinburgh director Will Holt. He reports to SIE chief executive Sharon Bamford.
Holt said the SIE acted as a bridge between the worlds of commerce and academia: 'One of our tasks will be to raise SIE's profile among students, encouraging them to go into business.' The agency will also showcase emerging talent, such as SIE award-winner Michael Bowes, who has won a contract with Fuji to sell his Barhand 'robot vending machine' in pubs.
SIE is also seeking to piggyback on the popularity of TV programmes such as The Apprentice and Dragons' Den.