Dentsu Aegis Network has reached an agreement in principal to acquire control of mobile agency Fetch Media, the companies confirmed Thursday.
The price wasn’t disclosed, but terms call for DAN to acquire an 80% stake in the mobile agency now with an option to buy the remaining stake later. Fetch reported 2013 gross profits of 4.8 million British Pounds, which translates to about $7.6 million at today’s exchange rate.
Fetch will retain its current branding and work with other DAN shops such as Carat, Vizeum, Isobar, mcgarrybowen and other units to help scale and accelerate the group’s mobile capabilities.
Fetch was founded in 2009 by James Connelly and Declan Reddington and is headquartered in London with offices in the U.S., Germany and Hong Kong. It currently has 96 employees and clients in over 90 countries.
Connelly will continue to oversee Fetch as CEO along with his existing management team which includes Chief Operating Officer Greg Grimmer. Connelly will report to Robert Horler, CEO, Northern Europe, DAN.
“Fetch has a very fast-growing agency arm in the U.S. and we are looking forward to adding their unique capabilities within our U.S. operating model and to scaling the business,” said Nigel Morris, CEO DAN Americas & EMEA.
Mobile ad expenditures are expected to reach $32.7 billion in 2014, according to eMarketer.