1st Feb 2016 16:13
LONDON (Alliance News) - WPP PLC Monday said it has acquired a mobile app developer and digital design company specialising in healthcare in the US.
WPP, through its wholly-owned operating company greyhealth group, has acquired The Lathe LLC to bolster its US healthcare and specialist communications unit.
The Lathe was founded back in 2003 and has around 20 employees based in New York. The company boasts high-profile clients including Bayer, Health Brand Group, Roche and other pharmaceutical and healthcare companies.
In the year ended December 31, 2015, The Lathe reported revenue of around USD4.0 million.
"This acquisition continues WPP's strategy of investing in digital and important disciplines such as health care in the US," said WPP.
WPP said its digital revenue stood at around USD6.90 billion in 2014, representing around 36% of the company's overall revenue for that year. WPP is aiming for 40% to 45% of its overall revenue to be derived from digital revenues in the next five years, with the hope the acquisition will help it on its way to achieving that aim.
The company did not release any financial details concerning the acquisition.
WPP shares were down 0.2% to 1,514.0 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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