WPP to Acquire AKQA
Right smack dab in the middle of Cannes Lions, WPP has announced an agreement to acquire 11 year old digital agency AKQA. The agency has been well recognized for its creative excellence and has earned numerous industry awards, including 19 Agency of the Year titles. Last year, AKQA won Digital Agency of the Year honours in both the US (Adweek) and the UK (Campaign) and collected five Cannes Lions. ANd it has collected even more Lions this year.
Currently employing 1160 people worldwide - from software engineers and technologists to creatives and strategists - the agency operates through offices in the US (San Francisco, New York, Washington DC), Europe (London, Paris, Amsterdam, Berlin) and Asia (Shanghai). The agency had gross assets of $282 million as of December 31, 2011 and forecasts revenues of around $230 million in 2012, having achieved $189 million in 2011.
Of the acquisition, WPP CEO Martin Sorrell said, "We are thrilled to welcome AKQA's unique team of technological innovators and entrepreneurs to WPP. We have admired their creativity and technological skills for a long time along with their outstandingly effective and award-winning work for clients. We are looking forward to working with Ajaz and Tom to broaden their offer and our own, both geographically and functionally. We are delighted to be united!"
Here's hoping it's a marriage that works.