Ogilvy takes 70% stake in Brazilian agency
03 July 2012
WPP’s global marketing communications group Ogilvy & Mather is increasing its presence in Brazil through the acquisition of a 70% stake in Brazilian digital agency Foster.
Founded in 1993, Foster is headquartered in São Paulo and employs 50 people. Its clients include Kodak, Monsanto, Bayer, Metro, Danone and Goodyear.
In 2011, Foster reported full-year revenues of $2.5m.
The acquisition is part of WPP’s overall strategy of expanding its capabilities in the digital, direct and interactive disciplines, as well as strengthening its presence in fast growing markets.
Brazil is WPP’s eighth largest market generating revenues of $800m, in which it employs more than 5,000 people.
The news comes hot on the heels of WPP’s recent acquisition of South Korean media agency Alchemedia and hot digital shop AKQA.
Jenni Baker, London