12th Sep 2013 07:40
LONDON (Alliance News) - WPP PLC Thursday said its Ogilvy & Mather business has agreed to acquire a majority stake in PennyWise Solutions Pvt. Ltd., a digital technology and production company based in India.
It didn't give any financial details.
Pennywise was founded in 2003 and is based in Hyderabad. It offers a range of digital services, including custom application development, mobile application development, search engine optimization, digital listening, online consumer response management systems, data analytics and business intelligence, network support and infrastructure management services, WPP said.
It employs more than 140 people and had unaudited revenues of INR119.2 million for the year ending March 2013, and gross assets of INR68.3 million. Clients include Vodafone India, Johnson & Johnson, and LIN Digital, the advertising giant added.
WPP shares were up 0.7% at 1,283 pence early Thursday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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