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WPP takes stake in German digital agency k102

WPP’s global marketing communications agency Grey has acquired a majority stake in digital media agency k102 in Germany.

The Dusseldorf-based agency was founded in 2006 by Lars Moltrecht and Jan Guntner. k102 has been working with Grey since January 2010.

k102 works with clients including Deichmann, Transparo, MBT, Gard and Toshiba. By the end of 2011, k102 had revenues of €1.3m ($1.7m).

Financial details of the transaction were not disclosed.

The acquisition is part of WPP’s strategy to develop its services in fast-growing markets and sectors and strengthening its digital capabilities.

Germany is the group’s fourth largest market after the US, UK and China.

In June, WPP acquired San Francisco-based independent digital agency AKQA, marking a significant digital investment for the group.

Jenni Baker, London