WPP Digital acquires minority stake in Austin-based Mutual Mobile
WPP Digital, the digital investment arm of WPP, has acquired a minority stake in Mutual Mobile, a mobile product development agency based in Austin, Texas.
Mutual Mobile builds technology products for its clients, which include Google, Pearson, Cisco and Xerox, that allow for better communication and transacting across any mobile devices and operating systems.
WPP’s investment is a continuation of its strategy to strengthen its capabilities in digital media and mobile advertising.
The group’s digital revenues were over $5bn in 2012 and represented 33 per cent of the total group revenues of $16.5bn.
It is now targeting at least 40-45 per cent of revenues to come from each of fast-growth markets and new media over the next five years.
Mutual Mobile, which employs 320 people, reported an unaudited revenue of $25.7m last year with total net assets of approximately $4m.