ADVERTISING giant WPP has bought Chinese media agency IM2.0, it announced yesterday, as the group pushes towards its target of 40 per cent gains in fast-growth markets.
IM2.0, which was established in 2008 and counts Dell, Adidas and China Merchant Bank among its clients, had revenues last year of over 72m yuan (£7.4m).
IM2.0 employs around 230 people in Beijing and Shanghai, and the company will continue to operate as a standalone business once it passes regulatory approval to join WPP Group.
The acquisition also lines up with WPP’s interim results target of 45 per cent growth in new media over the next five years.
WPP Group companies in China have combined revenues of over $1.4bn and employ more than 14,000 staff.
The company last month reported a 19 per cent rise in pre-tax profits in the first half of 2013, on revenues of £5.33bn.