WPP goes for a Brazilian

3rd Jun 2011 07:12

With summer approaching, advertising giant WPP has decided the time is right to go for a Brazilian, and has acquired a 70% stake in Grïngo Publicidade, a leading digital agency in Brazil.Founded in 2006, Grïngo is based in São Paulo and employs 65 people. Clients include Coca-Cola, Absolut Vodka, Microsoft and Itaú Unibanco, one of Brazil's largest banks. Grïngo's unaudited revenues for the year ended 31 December 2010 were R$10.4 million, with unaudited gross assets at the same date of R$3 million.WPP said the acquisition is consistent with its overall strategy of expanding its capabilities in the digital, direct and interactive disciplines and strengthening its presence in faster growing markets. Collectively, including associates, WPP employs over 4,500 people in Brazil, WPP's eighth largest market, generating revenues of over R$1.1 billion. --jh