WPP’s digital network VML has acquired Teein, a social media agency based in China, for an undisclosed sum.
The agency provides social listening, social marketing and social CRM and counts Danone, Estee Lauder, Google, Lenovo, SAP and Unilever among the clients on its roster.
WPP said that the acquisition marks a further step towards its goal of developing its networks in fast-growth markets and sectors.
Last year, Teein reported unaudited revenues of £4.3m (RMB 43.5m) for the year ending 31 December 2013, with gross assets of £1.3m (RMB 13.3m), as of the same date.
The acquisition comes after WPP set a target of 40-45 per cent of its revenue to be derived from digital in the next five years. Last year, its digital revenues (including associates) were well over £3.6bn in 2013, equalling roughly 35 per cent of the Group’s total revenues of £10.4bn.
Roy Yan, CEO of Teein added, “We’re very happy to become part of VML in China. VML’s global expertise and strength in China means there are significant opportunities for our growth together and propels us to a leadership position.”
VML now has multiple offices in the Asia-Pacific region, including Jakarta, Mumbai, Singapore, Sydney and Tokyo. VML now has 24 offices with more than 2,000 employees worldwide. VML joined the world’s largest communications services group WPP in 2001.
Teein and its 170 staff join the WPP’s 15,000 strong network of employees in the Greater China region.
