Aegis-owned Isobar continued its agency shopping spree today with the acquisition of Swedish creative firm FarFar. The Stockholm-based interactive agency is the 10th acquisition undertaken by Isobar in seven months.
"FarFar is one of the preeminent digital creative agencies globally," said Nigel Morris, president of Isobar. "They're seen as very influential and directional. They very much believe in the same sort of vision, the same sort of spirit, we do. We've got to build communication and advertising experiences that are much more engaging."
The purchase of FarFar comes close on the heels of Isobar's acquisition of de-construct, a U.K.-based creative firm. Morris said though it may look like the holding company is on a merger binge, all its recent deals have been in the works for some time. He said Isobar started talks with FarFar a full year ago.
All of FarFar's approximately 20 employees will stay with the agency, which has won Cyber Lion awards for work it did for Absolut, Red Bull, and other clients.
Acquisition terms were not disclosed, but Morris said they were roughly similar to the de-construct deal. Isobar paid $2.23 million up front for that firm, with additional deferred payments of up to $9 million tied to performance benchmarks.
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March 19, 2014