J. Walter Thompson, part of WPP Group, has agreed to acquire a majority stake in WANDA Digital, an independent digital agency in Turkey. The decision on acquisition follows an initial investment made in 2015.
“This further investment reflects WPP’s continuing commitment to Turkey and our confidence in the future prospects of this important economy,” commented Sir Martin Sorrell, WPP CEO, on the acquisition.
Founded in 2006 and employing around 80 people in Istanbul, WANDA’s clients include Media Markt, Nestle, Turkcell, Ülker and Unilever. Unaudited revenue for the year ended 31 December 2015 was approximately USD 2.7 million, with gross assets at the same date of approximately USD 1.5 million.
This deal once again highlights WPP’s strategy of investing in important markets and sectors, and strengthening its capabilities in digital. The Group’s digital revenues were over USD 7 billion in 2015, representing 37 percent of the Group’s total revenues of USD 19 billion. WPP has set a target of 40-45 percent of revenue to be derived from digital in the next five years.
Turkey has been named one of the Next 11 growth economies where WPP companies (including associates) generate revenues of over USD 1.0 billion and employ around 12,000 people. In Turkey itself, WPP companies (including associates) generate revenues of around USD 140 million and employ approximately 1,500 people.