WPP global marketing communications network Grey Group has acquired a majority stake in social marketing agency Easycom Group in China.
The acquisition is part of WPP’s strategy to invest in important markets whilst strengthening its content and technology capabilities. The group’s digital revenues were valued at over $7bn in 2015 with a target to increase this from 37% of total revenues to 40-45% over the next five years.
Easycom, which was founded in Shanghai in 2006, employs more than 40 people and specialises in social content creation, campaign management and social to offline event activation, amongst other topics, with clients including L’Oréal, Philips and Kiehl’s.
At the end on 2015, the company’s unaudited revenues were approximately RMB 40.6m ($6.08m) with gross assets at RMB 26m ($3.89m)
In Greater China, WPP companies currently generate $1.6bn and employ 14,000.
This announcement comes shortly after Grey Group acquired a majority stake in the holding company of Belgian creative agency Famous.