As the financial year comes to an end, we witness the biggest news happening now in the Indian social media space. Continuing with the acquisition phase in the Indian social and digital world, WPP has announced that its agency brand JWT will acquire a majority stake in Indian social media agency Social Wavelength. The holding company made the announcement to the London Stock Exchange on March 27 2014.
The Mumbai headquartered agency, Social Wavelength was founded in 2009. Today with offices in Delhi and Chennai, the agency employs 170 people and key clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial. Its offerings include social media marketing, online reputation management, social CRM and social media for HR.
The agency made around Rs. 9.15 crore with gross assets of Rs 5.92 crore for the year ending March 2013.
This marks WPP’s continued focus in India and Asia Pacific region. In June 2012, WPP announced the acquisition of Hungama Digital Services, which is now part of JWT.
This is the fourth acquisition news of 2014. Last month we saw Bangalore based social media agency Odigma acquired for $5 million (Rs. 32 crore), primarily in stock and cash by leading e-commerce firm from Ahmedabad, Infibeam.
During the same time Bangalore based digital agency 22Feet was also acquired by DDB Mudra. Earlier in January we saw Publicis Groupe acquiring Law & Kenneth, the New Delhi-based independent agency led by adman Praveen Kenneth.
Big acquisitions mean good news for the social and digital media industry in the country. Looks like this trend is not going to stop soon.