JWT To Buy Major Stake In Social Wavelength In India - Quick Facts

(RTTNews) - Advertising giant WPP plc's (WPP.L, WPPGY) wholly-owned operating company, JWT, a marketing communications agency, would acquire a majority stake in Social Wavelength, a social media agency in India.

Founded in 2009, Social Wavelength is headquartered in Mumbai, with offices in Delhi and Chennai. The firm employs more than 170 people and key clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial. In 2013, Social Wavelength's revenues were INR 91.5 million, with gross assets at the same date of INR59.2 million.

In India, WPP companies, including associates, generate revenues of nearly $500 million and employ nearly 13,000 people. Like-for-like revenue growth in India was 4.6% in 2013, excluding associates. Social Wavelength marks WPP's fifth acquisition in India in the last 4 years.