WPP has announced that its wholly-owned operating company, JWT, has agreed to acquire a majority stake in Social Wavelength, one of the leading social media agencies in India.
Social Wavelength marks WPP’s fifth acquisition in India in the last four years. This acquisition marks a further step in WPP’s strategy of developing its networks in fast-growth markets and sectors.
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’s revenues for the year ended March 31, 2013 stood at Rs 91.5 million, with gross assets at the same date of Rs 59.2 million.
In India, WPP companies (including associates) generate revenues of around $500 million and employ almost 13,000 people. Like-for-like revenue growth in India was 4.6 per cent in 2013 (excluding associates). In the Asia Pacific region, WPP companies (including associates) generate revenues of $5 billion and employ more than 48,000 people. WPP recently raised its targets from 35-40 per cent for each of fast-growth markets and new media to at least 40-45 per cent, over the next five years.