JWT eyes majority stake in India based Social Wavelength
Adding to its digital offer in India, JWT is all set to acquire a majority stake in social media agency Social Wavelength. Founded in 2009, Social Wavelength is headquartered in Mumbai, with offices in Delhi and Chennai. The company employs over 170 people and key clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial.
Social Wavelength marks WPP’s fifth acquisition in India in the last four years.
Social Wavelength’s revenues for the year ended 31 March 2013 were INR 91.5 million, with gross assets at the same date of INR 59.2 million.
This acquisition marks a further step in WPP’s strategy of developing its networks in fast-growth markets and sectors. In India, WPP companies (including associates) generate revenues of nearly US$500 million and employ almost 13,000 people. Like-for-like revenue growth in India was 4.6% in 2013 (excluding associates). In the Asia Pacific region, WPP companies (including associates) generate revenues of US$5 billion and employ more than 48,000 people. WPP recently raised its targets from 35-40% for each of fast-growth markets and new media to at least 40-45%, over the next five years.