Ogilvy & Mather To Acquire Majority Stake In PennyWise Solutions

(RTTNews) - Marketing communications company Ogilvy & Mather, a part of WPP plc (WPPGY, WPP.L), Friday agreed to acquire a majority stake in PennyWise Solutions Pvt. Ltd., an India-based digital technology and production companies. The financial terms of the deal were not disclosed.

The deal advances Ogilvy & Mather's digital strategy in Asia Pacific, aligning its existing excellence in digital strategy and creative with the technical and production strengths of PennyWise.

Founded in 2003 and based in Hyderabad, India, PennyWise offers a wide range of digital services, including custom application development, mobile application development, SEO, among others.

PennyWise has a global customer base, covering Europe and North America, as well as India. Its current client portfolio includes Vodafone India, Johnson & Johnson and WPP agencies like Ogilvy & Mather and Soho Square.

The investment marks a further step towards WPP's declared goal of developing its networks in fast-growth and important markets and sectors.