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JWT to pick up majority stake in Indian social media agency Social Wavelength
WPP's wholly-owned operating firm JWT has entered an agreement to buy a majority interest in Indian social media agency Social Wavelength, according to Best Media Info. The financial terms of the acquisition deal were not disclosed in the said report.
Social Wavelength Joint Chief Executive Officers (CEOs) Hareesh Tibrewala and Sanjay Mehta said of the deal: "JWT's acquisition of Social Wavelength is a logical confluence of social media and mainline expertise coming together to create integrated communication for brands. The rich experience of five years that we have, in this young industry of social and digital media, will find the next leap of growth, through this partnership. A socially connected world is going to create new challenges and opportunities for brands, and we will create solutions to help brands navigate those challenges."
This is the fifth acquisition of WPP in India for the last four years. The transaction is part of the company's campaign to expand its market reach in areas with fast growth, the report added.
Formed in 2009, Social Wavelength provides social media communication, social media listening services, and content creation to various entities. The Mumbai-based company has more than 170 employees. Franklin Templeton, GE India Industrial, and Apollo Hospitals are among its most notable clients, Best Media Info reported.
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