British advertising giant WPP acquires majority stake in Mumbai’s Social Wavelength
28 Mar 2014
British multinational advertising giant WPP Plc has acquired a controlling stake in Mumbai-based social media marketing agency Social Wavelength, its fifth acquisition in India in the last four years.
London-based WPP, which carried out the transaction through its wholly-owned subsidiary, JWT, did not disclose the extent of its stake acquisition nor the financial terms of the deal, but Social Wavelength's co-founders will continue to hold their interests in the company.
WPP said that the acquisition marks a further step in its strategy of developing its networks in fast-growth markets and sectors.
Founded in 2009 by joint CEOs Sanjay Mehta and Hareesh Tibrewala, Social Wavelength is India's leading social media agency, employing over 170 people, work with more than 50 top brands and clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial.
The company had revenues of Rs9.15 crore, and assets of Rs5.92 crore.
Post acquisition, Social Wavelength will retain its name and operate as a separate entity run by Mehta and Tibrewala.
In India, WPP companies (including associates) generate revenues of nearly $500 million and employ almost 13,000 people.