Double acquisition for WPP
Acquisitive advertising conglomerate WPP has announced that XM Asia, a division of WPP's wholly-owned operating company, JWT, has agreed to acquire a stake in Magnivate, a leading digital agency in Indonesia.
Acquisitive advertising conglomerate WPP has announced that XM Asia, a division of WPP's wholly-owned operating company, JWT, has agreed to acquire a stake in Magnivate, a leading digital agency in Indonesia.
Magnivate, which was founded in 2010, has clients which include Danone, Samsung and Unilever.
The agency's unaudited revenues for the year ended December 31st 2011 were around IDR 16bn (c.£1.1m), with gross assets at the same date at about IDR 7 bn (c.£0.49m)
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The firm also announced that its wholly-owned operating company, tenthavenue, in partnership with GroupM, has agreed to acquire Wisereach, a leading mobile marketing agency in China.
WPP's businesses in the Asia Pacific region now generate annual revenues of over $4bn, while Greater China is currently WPP's fourth largest market with revenues of $1.1bn.
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