Highly acquisitive media giant WPP is to acquire Hungarian marketing agency Carnation Internet Tanacsado Zrt for an undisclosed sum, as it attempts to expand its footprint within digital media.
Carnation, based in Hungary's capital Budapest but with other offices in Serbia, Austria and Romania, serves a variety of international clients throughout central and eastern Europe, including Coca-Cola, MTV, Procter & Gamble and Telenor.
"This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors and strengthening its digital capabilities in digital media," WPP said.
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WPP, led by Sir Martin Sorrell, currently generates annual revenue of $4.8bn through its digital operations, equal to over 30% of its total revenue of over $16bn. The company is targeting digital activities to account for 35-40% of group revenue within the next five years.
Carnation generated 1,341m Hungarian forint (around £3.79m) in 2011 with gross assets of HUF 1,431m (£4.04m) by the year-end date.
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