WPP subsidiary to acquire Romanian market research firm Daedalus

Millward Brown, a wholly-owned operating company of advertising giant WPP, has agreed to acquire Daedalus Consulting, one of the largest market research companies in Romania. In 2013 its unaudited revenues totalled €3.5m, with gross assets of €1.2m at the year-end. WPP said: "With this acquisition, Millward Brown will have increased access to long-time growth opportunities in Romania's growing economy and a direct presence in all major Central and Eastern European markets, including Russia, Poland, Hungary and Czech Republic."The Bucharest-based firm employs 110 people and its clients include Diageo, Pepsi and Unilever. The FTSE 100-listed group said the acquisition continues its strategy of developing its services in important markets and sectors. In Romania, WPP companies, including associates, generate revenues of around $30m and employ 400 people. The group is targeting at least 40-45% of revenues to come from each of fast-growth markets and new media over the next five years, a statement from the group said. NR