WPP subsidiary acquires stake in Vietnamese digital agency

19th Jun 2014 10:20

Advertising group WPP on Thursday announced that its wholly-owned operating company, XM Asia, has signed a deal to acquire a majority stake in Sofresh, a digital agency in Vietnam.The firm, which was founded in 2007, develops digital strategies, ideas and campaigns, and builds e-commerce platforms. Revenues totalled £0.99m, while its gross assets at the end of 2013 totalled £0.84m. "This acquisition marks a further step towards WPP's declared goal of developing its networks in fast-growth markets and sectors and continues WPP's strategy of strengthening the group's capabilities in digital media," WPP said. Its client list includes Diageo, GSK and Unilever. Sofresh marks WPP's third acquisition in Vietnam in seven months.Shares inched higher by 0.63% to 1,270p by 10:35. NR