GLOBAL – MARCH 2012: WPP has announced that JWT, its wholly-owned global advertising and communications company, has agreed to acquire, by subscription for new shares, a minority stake in Converge Technologies Pvt Limited, (“Converge”) a leading provider of technology-based marketing solutions and digital marketing services agency in Pakistan.
Converge’s offerings include 360 degree activation, digital content marketing, customized applications for SMS, interactive voice response, web, WAP, kiosk and platforms, digital viral marketing, data and research management and content services including music, interactive voice response, script writing, production and post production, interactive web portals, entertainment content, news and broadband gaming, and building mobile websites.
Founded in 2007, Karachi-based Converge boasts of a roster of reputable clients such as Nokia, Pakistan State Oil, PTCL, and Unilever.
Converge’s revenues for the year ended 30 June 2011 were PKR187 million, with gross assets at the same date of PKR76 million.
This investment continues WPP’s strategy of developing its services in faster growing geographic markets and sectors and strengthening its capabilities in digital media and the application of technology.
“As one of the “Next 11” growth economies, Pakistan is very strategic market for JWT,” said Michael Maedel, president of JWT Asia Pacific. “This deal adds yet more momentum to our regional digital growth strategy. We will continue to add depth and breadth to our Asian digital offerings over the coming months.”
In 2011, over 30 percent of the Group’s total revenues of over USD16 billion (around USD4.8 billion) came from direct, digital, and interactive. WPP has set a target of 35-40 percent of revenue derived from digital in the next five years.
Pakistan is one of the fastest-growing markets in the world, identified by Goldman Sachs as one of the Next 11 Economies to Watch. WPP businesses (including associates) in the Next 11 markets generate revenues of more than USD700 million.
