(Alliance News) - WPP PLC on Thursday said it had bought a minority stake in OH-SO Digital, a new digital-first marketing agency launching March 1.
The London-based advertising and corporate communications firm said OH-SO Digital will aim to improve how brands deploy digital marketing as a key driver for growth.
WPP said the strategic investment, for which it didn't provide financial details, is part of its ongoing targeted acquisitions strategy that focuses on the key growth areas of commerce, experience and technology.
The partnership with OH-SO Digital will further strengthen WPP's digital offer in Germany, complementing existing capabilities, it said.
OH-SO Digital will initially launch in Hamburg and Prague, with further planned outposts in Berlin and Munich. It is led by ad industry veteran Mattes Schrader, WPP noted.
WPP Chief Executive Mark Read said: "Our long-term commitment is clear: to position OH-SO Digital as an important growth partner for our clients in Germany, our third largest market."
Late last month, WPP announced a cost-cutting plan and set out an artificial intelligence strategy, earmarking an annual cash investment of around GBP250 million in proprietary technology.
Shares in WPP were down 0.2% to 780.60 pence per share in London on Thursday.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
WPP (WPP)
