WPP Buys Stake in Globant
WPP (NASDAQ: WPPGY), the world's leading communications services group, has agreed to acquire a 20% stake in Globant S.A. (“Globant”). Globant is an emerging worldwide leader in providing both technical expertise and design and creative capabilities in the development of software products that can be applied to digital marketing campaigns on a global scale.
Headquartered in Buenos Aires, Globant is a rapidly growing business employing 2,700 engineers, marketing specialists and designers in 21 offices across 14 cities in Argentina, Brazil, Uruguay, Colombia, the United States and the United Kingdom. The company's approach is unique in that it provides clients with both the infrastructure and technical support that drive digital marketing campaigns, combined with the creative and design skills usually found alone in digital agencies.
Globant's net revenues for the year ended 31 December 2011 were US$90 million and net revenues for the six months to 30 June 2012 were US$56.9 million with total assets of US$69 million as of 30 June 2012. WPP will invest approximately $70 million in acquiring the Globant stake.
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