WPP to acquire AKQA
A screenshot from AKQA's website
WPP decided to acquire AKQA because of its digital experience in multiple channels, including social media, mobile and gaming, as well as their roster of clients, WPP said in a statement. AKQA, a company with 1,160 employees, had revenues of $189 million in 2011. Its 2012 projected revenue is $230 million, the statement said.
AKQA will retain its brand within WPP, and will continue to be headed by founder and CEO Ajaz Ahmed and Tom Bedecarré, AKQA's chairman. There are no layoffs currently planned as a result of the acquisition.
The financial details of the acquisition were not disclosed. The acquisition is expected to be completed within the next six weeks.
In August, WPP Digital acquired Rockfish Interactive, another digital marketing agency, for $40 million.
AKQA declined to comment on the acquisition. WPP CEO Sir Martin Sorrell was not immediately available for comment.