WPP acquires UK digital technology consultancy

24th Mar 2014 07:02

WPP has agreed to acquire a majority stake in Cognifide, a UK digital technology consultancy which specialises in content management and digital asset management technology. The firm, which employs more than 200 people, will continue to operate as its own brand within WPP.For the full 2013 year, Cognifide's unaudited revenues totalled £8.8m, with year-end assets of £4.3m. WPP said the transaction was part of its "strategy of strengthening the group's capabilities in fast-growing sectors and markets" and said it was targeting at least 40-45% of revenues to be derived from digital in the next five years.NR