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JWT Grabs Controlling Stake In Social Media Co. Social Wavelength
JWT, WPP Group’s global Marketing Communications Agency, has acquired a majority stake in the Mumbai-based social media agency Social Wavelength.
Social Wavelength, a full service social media agency specializing in social media offerings now has a new senior management in the form of JWT. Though the exact quantum of funds changing hands hasn’t been disclosed, WPP revealed that Social Wavelength had registered Total Revenues of Rs 9.2 Crores (US$ 1.5 Million) with Gross Assets of Rs 5.9 Crores (US$ 1 Million) for the year ended March 31, 2013.
What does Social Wavelength offer? The company is an end–to–end Social Media Marketing and Online Reputation Management Company. Additionally, the company offers full-fledged tools for Brand Communications, Social Media Monitoring, Social Media Outreach and special platforms specifically made for managing promotional activities on Facebook and Twitter.
Social Wavelength also claims to offer social & mobile app development and assistance in media buying activities. Founded merely 3 years ago, Social Wavelength has a tie-up with Salesforce-owned social media monitoring company Radian6 to be its India representative. Some of its illustrious clients include Franklin Templeton, Apollo Hospitals, Idea Cellular and GE India Industrial. The company has offices in Mumbai, Delhi and Chennai and employs around 170 people.
Looking at the entire organization, the valuation of Social Wavelenght must be not more than Rs. 40 Crores (US$ 6.65 Million) shared an industry expert with knowledge of the acquisition process. Moreover, though Colvyn Harris, CEO, JWT South Asia declined to comment on the proceedings, business daily Economic Times has indications that JWT has bought 55–60% stake in the company.
Social Media Marketing and Brand Communication over these mediums, has now become quite mandatory. Given the client list and the spread of the company, JWT might have taken a right decision to expand inorganically via Social Wavelength. What do you think?
Source | Economic Times
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Source: http://www.watblog.com/2014/03/28/jwt-grabs-controlling-stake-in-social-media-co-social-wavelength/
