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Advertising company WPP’s marketing communications agency JWT has acquired a majority stake in Mumbai-based social media agency Social Wavelength for an undisclosed amount. The deal marks WPP’s fifth acquisition in India in the last four years.
“The acquisition adds a huge dimension to our existing clients and the brands we steward,” said Colvyn Harris, CEO of JWT South Asia.
Across the marketing communications value chain and various digital touch points, the skills and capabilities of Social Wavelength would provide an edge, he added.
Founded in 2009, Social Wavelength is headquartered in Mumbai, with offices in Delhi and Chennai.
The agency specialises in social media offerings, Facebook and Twitter marketing, and online reputation management. It has 170 people on board.
Hareesh Tibrewala and Sanjay Mehta, Joint CEOs of Social Wavelength, noted in a statement: “JWT’s acquisition is a logical confluence of social media and mainline expertise to create integrated communication for brands. A socially connected world is going to create new challenges and opportunities for brands, and we will create solutions to help brands navigate those challenges.”
Social Wavelength had previously raised angel funding from four investors in two rounds, one in June 2010 and the other in December 2011. All the angel investors have exited the company, which registered a revenue of ₹9.2 crore for the year ended March 31, 2013.
JWT Asia Pacific has invested heavily in expanding its digital footprint over the past two years. In addition to the acquisition of Hungama in India, JWT acquired Post Visual in South Korea in 2013, and a stake in Converge in Pakistan in 2012.
WPP’s group company JWT Singapore had acquired a 51 per cent stake in Hungama Digital Services in June 2012, and its advertising agency Grey bought a majority stake in the rural marketing services provider RC&M in December 2013. Ogilvy & Mather (O&M), another WPP firm, acquired Hyderabad-based digital technology company PennyWise Solutions in September 2013.
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