WPP to buy stake in Belgium social marketing agency

12th Dec 2013 07:05

WPP, the multinational advertising and public relations company, has agreed to acquire a majority stake in Social Lab, a social marketing agency based in Belgium, through its wholly-owned marketing communications network, Ogilvy & Mather. The transaction will allow the business to develop its online, social and mobile communications services, it said. Social Lab, which was founded in 2010 and employs 50 people, reported unaudited revenue of €3.1m for 2012, with gross assets of €0.4m at the year-end. WPP is targeting at least 40-45% of revenues to come from each of fast-growth markets and new media over the next five years. NR