MAM
GroupM snaps up South Korean agency Alchemedia
MUMBAI: Expanding its operations in the Asia Pacific region, global communications conglomerate WPP Group has acquired South Korean media planning and buying agency Alchemedia for an an undisclosed amount.
The South Korean agency was founded in 2004. Alchemedia‘s audited revenue for the year ended 31 December 2011 was 1.4 billion Korean won (KRW), with gross assets of KRW 10.0 billion.
Alchemedia is based in Seoul and will be merged with GroupM Korea. The combined client list of the two entities include brands like Audi, GSK, Hicos Fragrances, IBM, LG Electronics, Lock & Lock, Procter & Gamble, Sejung Fashion, Red Bull, Rolex and VW.
Recently, WPP announced during the 59th Cannes Lions Ad Festival held in France that it has acquired one of the biggest independent digital agencies AKQA for an estimated $ 540 million.
