WPP PLC : Ogilvy acquires majority stake in Foster, a leading digital agency in Brazil
07/03/2012| 06:53am US/Eastern
WPP announces that its wholly-owned operating company Ogilvy
& Mather, the global marketing communications group, has
acquired a 70% stake in Foster Informatica, Ltda, a leading
digital agency in Brazil ("Foster").
Founded in 1993, Foster is based in São Paulo and employs 50
people. Clients include Monsanto, Bayer, Metro, Danone and
Foster's unaudited revenues for the year ended 31
December 2011 were R$5.0 million, with gross assets at the
same date of R$4.1 million.
This acquisition of a leading digital agency in the dynamic
Brazilian market is central to WPP's overall strategy of
expanding its capabilities in the digital, direct and
interactive disciplines and strengthening its presence in
faster growing markets. WPP's digital revenues currently
total around US$4.8 billion, representing over 30% of the
Group's total revenue of US$16 billion. WPP has set a
target of 35-40% of revenue derived from digital in the next
five years. Collectively the Group employs over 5,000 people
(including associates) in Brazil, WPP's eighth largest
market, generating revenues of US$ 800 million.
Feona McEwan, WPP
+44 (0)207 408 2204