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WPP Acquires 20% Stake In Globant For $70M

wpp_logo_holder_2012_161112[Techtaffy Newsdesk]

WPP has acquired a 20% stake in Globant for approximately $70 million. Previous investors Riverwood Capital and FTV Capital continue to hold equity stakes in Globant.

Globant’s net revenues for the year ended 31 December 2011 were $90 million, and the net revenues for the six months until 30 June 2012 were $56.9 million with total assets of $69 million as of 30 June 2012.

Martin Sorrell (CEO, WPP):  Increasingly, clients want better coordination between their IT departments and their marketing departments, between their Chief Information Officers (CIOs)  and their Chief Marketing Officers (CMOs).

This investment continues WPP’s strategy of targeting fast-growing markets and the application of technology to the communications services industry. In 2012 WPP completed 25 transactions with companies that are in either faster growing markets (eg BRICs, Next 11, CIVETS, MIST) or faster growing sectors such as digital, data or application of technology, or both.

WPP’s digital revenues (including associates) are budgeted to total well over $6 billion in 2013, representing over 33% of the Group’s total revenues, which in 2011 totalled US $16 billion. WPP has set a target of 35%-40% of revenues to be derived from digital over the next five years.

Globant is a technology services provider focused on delivering software solutions by leveraging emerging technologies and trends.

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