WPP plc's (WPPGY: Quote, WPP.L) wholly-owned operating network Possible Worldwide has agreed to acquire digital agency Carnation Internet Tanácsadó Zrt in Hungary. Headquartered in Budapest, Carnation Internet is a full-service digital marketing services agency with additional offices in Serbia, Austria and Romania, servicing a variety of clients throughout the Central and Eastern Europe region, with major clients including Coca-Cola, MTV, Procter & Gamble, and Telenor.
Carnation's consolidated unaudited revenues for the year 2011 totaled HUF 1,341 million with gross assets of HUF 1,431 million at the same date.
WPP said this investment continues its strategy of developing its services in fast-growing and important markets and sectors and strengthening its digital capabilities in digital media. WPP's digital revenues currently total some $4.8 billion, representing over 30% of the Group's total revenues of over US$16 billion. WPP has set a target of 35% - 40% of revenue derived from digital in the next 5 years.
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by RTT Staff Writer
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