New Delhi: WPP's wholly owned global marketing communications agency JWT has acquired a majority stake in Mumbai-based Social Wavelength, a full-service social media agency, for an undisclosed amount.
JWT was in talks with the agency for the past six-seven months for the acquisition and this is WPP's fifth acquisition in India in the last four years.
Founded in 2009, Social Wavelength is headquartered in Mumbai, with offices in Delhi and Chennai. The company employs over 170 people and key clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial.
Social Wavelength's revenues for the year ended March 31, 2013 were Rs 9.15 crore, with gross assets of Rs 5.92 crore.
Following the acquisition, the agency will continue to retain its name and operate as a separate entity.