WPP Group acquired two Brazilian digital agencies, Midia Digital and I-Cherry, for undisclosed sums. The London-based holding company plans to operate the shops as standalone units for now, according to a Latin America region EVP.
Midia Digital, based in Sao Paolo with 91 employees, offers services including Web development and creative development. Its clients include HSBC, Johnson & Johnson, Brazilian insurer Porto Seguro, and online classifieds site Zap. I-Cherry is a 34-person search agency based in the city of Curitiba with Match.com and Hotels.com among its clients.
The agencies' combined 2009 revenues were $5.3 million, and WPP estimated their gross assets at $1.5 million. The company did not break out revenue or profit figures for the two agencies .
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March 19, 2014