WPP owned JWT to acquire majority stake in India’s Social Wavelength
WPP has announced that its global marketing communications subsidiary JWT has agreed to purchase a majority stake in Social Wavelength, one of India’s leading social media agencies.
The Mumbai headquartered business employs over 170 people across three offices, including Delhi and Chennai and counts Franklin Templeton, Idea Cellular and GE India Industrial amongst its clients.
These activities brought in revenues of 91.5m rupees for the year ended 31 March 2013 on gross assets of 59.2m.
WPP’s move into the subcontinent marks the latest evolution in its strategy to develop networks in emerging markets, with Social Wavelength being the firm’s fifth acquisition in the Indian market over the past four years.
This saw WPP companies, including their associates, generate revenues approaching $500m in the territory with 13,000 employees delivering like-for-like revenue growth of 4.6 per cent in 2013.