WPP To Acquire Major Stake In UK-based Cognifide - Quick Facts

(RTTNews) - Advertising giant WPP Plc (WPP.L, WPPGY) reported agreeing to acquire a majority stake in Cognifide Ltd., a digital technology consultancy in the UK. Cognifide would still operate as its own brand within WPP and would co-operate across WPP, specially with the WPP Digital and Wunderman companies.

Founded in 2005, Cognifide specialises in content management and digital asset management technology, helping companies and brands build capability through company-wide digital frameworks, to create, manage and optimise measurable digital experiences. It employs more than 200 people and is headquartered in London with a major development centre in Poznan, Poland.

Cognifide's unaudited revenues were 8.8 million pounds in 2013, with nearly 4.3 million pounds of gross assets as at the same date.

WPP's digital revenues were over $6.0 billion in 2013, representing about 35% of total Group revenues of $17.3 billion. The Group aims for at least 40-45% of revenues to be derived from digital in the next 5 years. In the UK, the Group, including associates, generates revenues of about $2.8 billion and employs over 15,000 people. Like-for-like revenue growth in the UK was 4.8% in 2013.