No Ifs About It: Isobar Acquires IF, Expands Global Footprint Into Malaysia
Terms of the deal were not disclosed, but Aegis said the "value of the assets acquired" are about $154,000 based on current exchange rates, and that the deal gives it an important foothold in a rapidly expanding regional marketplace.
"Malaysia's media spend is still dominated by [print] and TV, respectively estimated to make up 54.9% and 33.1% of overall advertising expenditure for 2008," the agency holding company said in a statement announcing the deal. "Although digital spend is predicted to be just 1.0% this year, it is growing at an estimated rate of 52.0%. As a whole, digital accounts for almost 5% of total ad spend across Asia Pacific."
Following the acquisition, IF, headquartered in Kuala Lumpur, will become the first dedicated Malaysian office for the Isobar network, offering digital services to existing Aegis Media clients, and facilitating clients' access to other Aegis Media network services.
"Digital media expertise is gaining in importance in Malaysia, albeit from a small base," stated Aegis CEO Robert Lerwill, adding, "And with GDP projected to grow by 5.8% in 2008, there is significant potential for expansion in demand for digital services in the region."