WPP has extended its digital agency footprint significantly into South America, announcing a majority stake in F.biz Ltda, the largest independent digital shop in Brazil.
Terms were not disclosed,
but WPP said it acquired a 70% stake in the Sao Paulo-based agency, which was founded in 1999 and has grown at nearly 50% annually since then. F.biz, which has about 200 employees, handled clients
such as Unilever, Campari, Itaú, Vivo and NetShoes.
F.biz' managing partners, Barradas, Marcelo Castelo, Marcello Hummel, Paulo Loeb, Pedro Reiss and Roberto Grosman, will remain in their
current positions.
WPP said the acquisition is a key part of its strategy of expanding its digital marketing services in fast growing markets, and estimated that the deal gives the group more
than 4,500 people in Brazil, making it WPP's eighth largest market with revenues of more than $1.1 billion, and giving it a dominant position in the market.