Business
GroupM to acquire a majority stake in The Glitch
GroupM to acquire a majority stake in The Glitch.
About this update from Wpp Plc
[{"type":"text","content":"\n \nRNS Number : 5190E WPP PLC 12 February 2018 \n\n\n\n\n\nFOR IMMEDIATE RELEASE\n\n\n12 February 2018\n\n\n\n\n \n \nWPP PLC (\"WPP\") \n \nGroupM agrees to acquire majority stake in The Glitch in India\n \nWPP announces that its wholly-owned global media investment group, GroupM, has agreed to acquire a majority stake in The Glitch, a digitally-led creative agency.\n \nThe Glitch was founded in 2009 and employs around 200 people in Mumbai and Delhi. The Glitch's full-service capabilities include digital, video and content strategy, interactive design technology, ecommerce, branding and media planning. Clients include Unilever, Netflix, OYO Rooms, Shutterstock, Tinder and others in the entertainment, beauty and FMCG sectors.\n \nThe Glitch's revenues for the year ending 31 March 2017 were around INR 214 million with gross assets of around INR 175 million as at the same date.\n \nThe acquisition will continue GroupM's growth strategy in one of the world's most dynamic economies, and offer clients access to a wide portfolio of leading-edge digital marketing services and holistic content solutions.\n \nThe investment will also continue WPP's strategy of focusing on three key areas that differentiate the Group's offering to clients: technology, data and content. WPP's digital assets include companies such as Acceleration (marketing technology consultancy), Cognifide (content management technology), Conexance (data cooperative), Deeplocal (innovation studio founded as a spin-off from Carnegie Mellon University), Marketplace Ignition (Amazon-focused ecommerce), Medialets (mobile ROI measurement), Salmon (e-commerce), The Cocktail (digital consultancy) and Hogarth (digital production technology). WPP also has investments in a number of innovative technology services companies such as Globant and Mutual Mobile, as well as ad technology companies such as AppNexus, Celtra (creative management platform), comScore (data investment management), mySupermarket, Percolate, ScrollMotion and Within Unlimited (VR/AR).\n \nThe Group has invested in digital content companies like All Def Digital, Fullscreen, Gimlet, Indigenous Media, Imagina (a content rights and media company based in Spain), MRC, Mic, Mitú, Refinery29, Uproxx Media Group and VICE. WPP's roster of wholly owned dig...