WPP acquires majority stake in F.biz, an independent digital agency in Brazil
2 June, 2011
— WPP [NASDAQ:WPPGY], the world’s largest communications services group, announces that it has acquired 70% of F.biz Ltda., the largest independent digital advertising agency in Brazil.
The São Paulo based agency was founded in 1999 and has enjoyed annual growth rate of nearly 50% since then. The agency employs 200 people and services clients such as Unilever, Campari, Itaú, Vivo and NetShoes.
F.biz’ CEO Gal Barradas said, “By taking this stake in our company, WPP will enable us to offer the best and most complete service to clients. Our focus is on strategic brand positioning and our intention is to offer new models in the communications market. We're just beginning.”
F.biz’ managing partners, Barradas, Marcelo Castelo, Marcello Hummel, Paulo Loeb, Pedro Reiss and Roberto Grosman, will remain in their current positions.
This acquisition of the leading independent digital agency in the dynamic Brazilian market is central to WPP’s overall strategy of expanding its capabilities in the digital, direct and interactive disciplines and strengthening its presence in faster growing markets. Collectively, including associates, the Group employs over 4,500 people in Brazil, WPP's eighth largest market, generating revenues of over R$1.1 billion. Based on the last two years' billings figures*, WPP’s full-service agency networks rank one, two and three in Brazil, and as a Group, WPP ranks number one by a considerable distance with billings in 2010* of nearly R$11 billion.
* Source: IBOPE Monitor Rate Card Billings
Feona McEwan, WPP London
+44 20 7408 2204
Kevin McCormack, WPP New York
+1 212 632 2200