WPP Acquires Stake In Globant
WPP will acquire a 20% stake in Globant, which develops software products used in digital marketing campaigns. Headquartered in Buenos Aires, Globant has 21 offices across 14 cities in Argentina, Brazil, Uruguay, Colombia, the United States and the United Kingdom. Globant’s net revenues for 2011 were $90 million and net revenues for the six months of 2012 were $56.9 million. Globant has experience in mobile, gaming, social networks, cloud computing, big data and e-commerce. Clients include American Express, JP Morgan Chase & Co., LinkedIn, Electronic Arts, Google and Coca-Cola, as well as a number of WPP companies, such as JWT, Young & Rubicam, Grey, GroupM and Kantar. WPP will invest approximately $70 million in acquiring the Globant stake.