WPP has announced that its wholly-owned operating company Hill+Knowlton Strategies, an international communications consultancy, has agreed to acquire Rice5, a full service digital creative agency.
Founded in 2003 with offices in Hong Kong and Shanghai, Rice5 specializes in innovative brand building, engaging audiences with creative design and technology, and social and digital media.
Rice5’s unaudited revenues for the year ended 31 December, 2013 were HK $16.6 million, with gross assets at the same date of HK $6 million. Rice5 employs 48 people. Rice5’s client portfolio includes Givenchy, L’Oreal Group, LEE Jeans, Maxim’s Group, Rayban and The Hong Kong Tourism Board, among others.
This acquisition marks a further step towards WPP’s declared goal of developing its networks in fast-growth markets and sectors.
In Greater China, WPP companies (including associates) generate revenues of US$1.4 billion and employ over 14,000 people. Like-for-like revenue growth in Greater China was 4 percent in 2013 (excluding associates). In the Asia Pacific region, WPP companies (including associates) generate revenues of US$5 billion and employ over 48,000 people. Like-for-like revenue growth in Asia Pacific was 5.2 percent in 2013 (excluding associates).
WPP recently raised its targets from 35-40 percent for each of fast-growth markets and new media to at least 40-45 percent over the next five years.