WPP takes stake in Singapore's Comwerks

20th Sep 2010 07:09

WPP has strengthened its Asian business will the acquisition of a 51% stake in Singapore-based Comwerks, a full service digital agency with a big list of government and public sector clients.Comwerks Interactive, only eight years old, specializes in digital media and web 2.0 solutions and does work for the likes of eBay, Ministry of Law, Ministry of Manpower, National University of Singapore and People's Association. It posted revenues of S$1.5m (£717,000) in 2009 with gross assets of S$1m. No financial details relating to today's deal have been made public.It was completed by the British company's Wunderman unit, which has revenues of almost US$900m (£574m) and is one of seven digital leaders. WPP turns over about S$350m (£167m) in the Singapore. "As a result of this deal, Wunderman's digital presence in the rapidly building Asian market is further strengthened and with Wunderman's backing, Comwerks Interactive will be positioned as one of the top 5 digital agencies in Singapore," WPP said Monday.