WPP's Hill+Knowlton Strategies To Buy Digital Creative Agency Rice5

(RTTNews) - Advertising giant WPP plc's (WPP.L, WPPGY) operating company, Hill+Knowlton Strategies, an international communications consultancy, has agreed to acquire Rice5, a digital creative agency.

Founded in 2003 with offices in Hong Kong and Shanghai, Rice5 deals with innovative brand building, engaging audiences with creative design and technology, and social and digital media.

Rice5's unaudited revenues for 2013 were HK$16.6 million, with gross assets at the same date of HK$6 million. Rice5's client portfolio includes Givenchy, L'Oreal Group, LEE Jeans, Maxim's Group, Rayban and The Hong Kong Tourism Board, among others.

Recently, WPP boosted its targets from 35-40% for each of fast-growth markets and new media to at least 40-45% over the next five years.