MUMBAI: WPP Group’s JWT has acquired a majority stake in Social Wavelength.
JWT’s acquisition of Social Wavelength is a logical confluence of social media and mainline expertise, coming together to create integrated communication for brands. The rich experience of five years that we have, in this young industry of Social and Digital Media, will find the next leap of growth, through this partnership. A socially connected world is going to create new challenges and opportunities for brands, and we will create solutions to help brands navigate those challenges,” said Social Wavelength joint CEOs Haresh Tibrewala and Sanjay Mehta.
The social media agency was founded in 2009, and headquartered in Mumbai, with offices in Delhi and Chennai. The agency now has over 170 professionals who offer social media communication services, social media listening services using Radian6, influencer outreach program, application development, video and rich media content creation and media buying to over 50 leading brands.
The 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 $500 million and employ almost 13,000 people.
“We want to be a critical resource partner across the many solutions we provide to our clients. As we continue to relentlessly transform our offerings, Social Wavelength adds a huge dimension to our existing clients and the brands we steward. Across the marcom value chain and across various digital touch points the skills and capabilities of Social Wavelength will be that edge,” said JWT South Asia CEO Colvyn Harris.
Social Wavelength's revenues for the year ended 31 March 2013 were Rs 9.15 crore, with gross assets at the same date of Rs 5.92 crore. Social Wavelength marks WPP's fifth acquisition in India in the last four years.
JWT Asia Pacific has invested heavily in expanding its digital footprint over the last two years. In addition to the acquisition of Hungama, in India, JWT acquired Post Visual in South Korea in 2013, and took a stake in Converge, in Pakistan, in 2012. XM Asia, a digital agency owned by JWT, also acquired Designercity, in Hong Kong, and Thomas Idea, in Thailand, in 2013, and XM Gravity in 2012.