WPP's wholly-owned digital marketing agency, VML has acquired a majority stake in Qais Consulting, also a digital marketing agency, based in Singapore.
Qais will join its business operations with VML, and together they will be rebranded as VML Qais, operating as part of Y&R Asia.
Qais employs 31 people and its clients include Standard Chartered Bank, Sony Electronics, Sony Pictures, Hilton Hotels, the Singapore Ministry of Defence.
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
Qais' revenues for the year ended 31 December 2010 were S$4m, with gross assets of S$1.6m at the same date.
In statement the firm said: "This investment continues WPP's strategy of developing its networks in fast growing and important markets and sectors and strengthening its capabilities in digital media.
"WPP's businesses in the Asia Pacific region generate revenues of over $4bn and employ approximately 42,000 people. Globally, new media and digital accounts for approximately 30% of WPP revenues. In 2010, WPP reported global revenues of $14.4bn."
NR
-
IMF suggests “refinements” to Rachel Reeves’s fiscal rulesThe IMF has upgraded the UK’s growth forecast but wants Reeves to refine her fiscal rules to avoid unnecessary spending cuts or tax rises
-
Invest like a tortoise, not a hare to avoid market volatilityOpinion Hassan Raza, Portfolio Manager at CG Asset Management, highlights three favourite investment companies
