WPP acquires majority stake in South African firm

30th Jan 2014 09:30

WPP has acquired a majority stake in a South African mobile activation and rewards firm via its wholly-owned operating company Tenthavenue. The acquired company, The Mobile Airtime and Rewards Company (TMARC), was founded in 2010 and generated revenue of ZAR 60m (around £3.2m) in the year ended February 2013. TMARC's clients include the country's largest retailer, as well as SABMiller, Danone and Nestle. WPP explained that TMARC specialises in the provision of mobile airtime and other lifestyle rewards solutions to its clients using its in-house pin encryption technology. "This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors and strengthening its capabilities in digital media," the FTSE 100-listed group added. NR