The acquisition of Fortune Cookie by WPP is reward for building up ‘one of the best digital brands’ says Results International managing partner Keith Hunt, who has predicted further deals are in the pipeline.
Speaking in response to the news of Fortune Cookie’s acquisition yesterday, Hunt told The Drum; “This is a great reward for 15 years spent building up one of the best digital brands in the industry.”
He continued to say of Fortune Cookie founder Justin Cooke’s move to become CEO of Possible Worldwide, owned by WPP; “What this gives Justin is a much bigger field to play in. As a high profile character in the industry – he has been voted most influential person in digital – it’s a role he will undoubtedly relish and excel in.
“It also signals WPP’s continuing digital ambitions. It has a declared target of 35-40% of revenue from digital in the next five years. Current digital revenue stands at $4.8 billion which accounts for 30%. This leaves a $1 billion shortfall even after you take into account the recent purchases of AKQA and Fortune Cookie. This is unlikely to come from organic growth so expect to see more digital acquisitions in the months ahead.”
He concluded by adding that he expected further digital agency acquisitions to rake place, following recent deals also completed by Publicis and Aegis.
Speaking to The Drum about the acquisition deal, Cooke explained; "The backing of WPP is a really important factor for us in terms of having the biggest advertising/marketing communications company behind you and all the strength and support that brings. The fit with Possible and where Fortune Cookie operates is excellent.