XM grabs stake in Magnivate
Indonesia - XM Asia has entered into an agreement to acquire a stake in Indonesia- based digital agency Magnivate.
WPP or XM could not be reached for comments on the percentage stake it bought, at the time of writing.
A statement from the holding company read the completion of the acquisition is subject to fulfillment of certain conditions.
Founded in 2010, Magnivate's offering includes digital strategy, social media communications strategy, rich media, online advertising, search marketing and e-marketing.
The agency employs 95 people and clients include Danone, Frisian Flag, Samsung and Unilever.
Magnivate's unaudited revenues for the year ended 31 December 2011 were approximately IDR 16 billion, with gross assets at the same date at approximately IDR 7 billion.
This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors.
WPP's businesses in the Asia Pacific region now generate revenues of over US$4 billion (including associates) and employ approximately 42,000 people.
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- XM Asia
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