WPP in £20m Cognifide deal

 
Oliver Smith
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ADVERTISING giant WPP has taken a majority stake in London technology consulting firm Cognifide, whose clients include Direct Line, Virgin Media and Investec.

The value of the deal was not disclosed, but it reportedly could be worth more than £20m.

Co-founders Miro Walker and Stuart Dean are set for a windfall following the deal with WPP Digital. Each founder owned 37 per cent of Cognifide prior to the deal.

Cognifide has 200 staff and annual revenues of £8.8m last year.

WPP also announced that its Chinese company JWT has also agreed to acquire Shanghai Egift Design and Production, a gift specialist firm in China.