As part of an effort to ramp up its digital capabilities, Innocean Worldwide, the ad agency for Korean automaker Hyundai Motor Group and other clients, has entered an agreement to acquire digital marketing services firm Wellcom Group based in Australia. The deal values the publicly-traded Wellcom at an estimated $265 million, according to reports.
Wellcom Group has been expanding its global operations and currently operates in the US, Europe and the Asia-Pacific, providing digital creative content production, social media strategy and digital marketing services.
Wellcom Group’s global brand clients across food, financial services, communications, retail, fashion and beauty include brands such as Tesco, Coles, Tempur-Sealy, ANZ Bank, Telstra, Victoria’s Secret, The Body Shop, Louis Vuitton and L’Oreal.
Wellcom launched in the U.S. in 2015 and adds digital production, content and execution capabilities to Innocean’s existing advertising service offering which includes the media agency capabilities of Canvas Worldwide, a joint venture with Horizon Media.
With the acquisition, Innocean said it would explore expanding to new markets such as Singapore, Malaysia, Hong Kong and New Zealand. The acquisition expands the agency’s global network to 19 countries, and over 2,700 employees.
The deal follows the agency’s purchase last year of creative agency David&Goliath. Since then it has won a big assignment from Heineken and earlier this week Innocean secured the AOR account for The Habit Restaurants.