23rd Aug 2021 08:19
(Alliance News) - FTSE 100-listed WPP PLC has bought artificial intelligence technology company Satalia for an undisclosed sum, the ad agency said on Monday.
Founded by Chief Executive Daniel Hulme in 2008, AI specialist Satalia counts clients including BT Group PLC, PwC Unilever PLC and Tesco PLC and uses machine learning to help companies improve operational efficiencies.
The deal will see Satalia act as a act as a "hub of AI expertise for all WPP agencies", with Hulme becoming chief AI officer of WPP to help shape the firm's "AI strategy, including R&D, AI ethics, partnerships, talent and products".
"Advances in technology are revolutionising how people live, work and shop, how brands go to market, and how products and services are delivered," commented WPP Chief Executive Mark Read.
"Clients are looking for end-to-end solutions that harness these technologies to grow their business. I'm delighted to welcome Daniel and the Satalia team to WPP as we continue to strengthen our offer to global brands," Read added.
WPP shares were trading up 0.7% at 979.40 pence each in London on Monday morning. The stock is up 22% so far this year.
By Will Paige; [email protected]
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