WPP, the FTSE 100 advertising and media giant led by Sir Martin Sorrell, has bought a majority stake in German digital media agency k102, as it continues to expand its digital capabilities.
k102, based in Dusseldorf, was founded in 2006 and generated revenues of €1.3m in 2011 with gross assets at the end of December of €1.2m.
It has worked alongside WPP's global marketing communications division Grey since January 2010 and has a client list including Deichmann, Transparo, MBT, Gard and Toshiba.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors and strengthening its digital capabilities," WPP said on Monday morning.
WPP generated $4.8bn of revenues in digital last year, representing around 30% of group sales.
The firm has set a target of 35-40% of revenue to be derived from digital in the next five years.
