 "WPP's Group M to acquire Madhouse; sells stakes in Rediffusion JV")
Global advertising firm WPP on Thursday said its media investment arm GroupM will fully acquire Indian mobile marketing agency Madhouse, and it has sold its stakes in all the joint ventures with Rediffusion.
It currently holds 50 per cent stake in Madhouse.
"GroupM will move to full ownership of the mobile marketing agency Madhouse, from its current 50 per cent interest," it said in a statement.
Madhouse has offices in Mumbai, Delhi and Bengaluru and its clients include some of the leading brands in the country.
"This acquisition will provide GroupM clients enhanced access to innovative mobile solutions, ad products and targeting technology," it added.
WPP's companies Sudler, Wunderman and Y&R, which now operate as joint venture agencies with Rediffusion, will be developed as wholly-owned agencies, with WPP selling its stakes in the current Rediffusion joint ventures, it said.
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However, there will be no change to Wunderman's existing India businesses, it added.
CVL Srinivas, country manager for WPP in India, said India is a key growth region for the company and it have a well-defined road map and vision for what it would like to achieve here.