VML acquires China's IM2.0
Continuing its global expansion effort, WPP digital shop VML has acquired Chinese agency IM2.0, the company confirmed Tuesday. The deal is subject to regulatory approval. The shop is being rebranded VML IM2.0 and will be led by the agency’s current CEO Chris Tung and COO Yi-Chung Tay.
The acquisition follows VML’s purchase earlier this year of a majority stake in South African agency Native (rebranded Native VML). And before that the agency took a minority position in Poland’s Heureka Group.
The IM2.0 purchase is also the second recent foray into the Asia-Pacific region for VML. In March the agency, part of the Y&R Group, opened VML Tokyo.
“IM2.0 is an industry leader in China and an essential asset to VML’s growth in Asia,” stated Jon Cook, global CEO and president, VML. “With the addition of VML IM2.0, we now support key global client partnerships with a robust offering for China’s unique and fast-growing digital landscape.”
According to WPP, IM2.0 is one of China’s leading pure play digital agencies. It was founded in 2008 and provides services including online strategy, creative design, website development and maintenance, online campaigns, mobile application development, media optimization and data analytics.
IM2.0 clients include Dell, Adidas, Mondelez, China Merchant Bank and Haier. The shop employs approximately 230 people in Beijing and Shanghai. Last year the shop had about $12 million in revenue and $33 million in assets, per WPP.
VML now has 22 offices worldwide which employ more than 1,700 staffers.