GroupM, WPP’s worldwide leading global media investment group, announced today plans to purchase and add Essence Digital (Essence) to its agency portfolio.
GroupM is acquiring a major stake in the capital equity of the agency, which is the world’s largest independent buyer of digital media.
Following the combination of the two marketplace leaders, Essence will continue operating as an independent brand, but with the advantage of access to GroupM’s global reach and infrastructure.
While Essence will keep on competing for business independently, the agency will also collaborate with GroupM’s agencies (Mindshare, MEC, MediaCom, and Maxus) on specific assignments.
Established in 2005 and headquartered in London, Essence has also offices in New York, San Francisco, Seattle, Singapore and Tokyo.
The independent digital media buyer employs more than 500 people and deploys campaigns in more than 70 markets, managing media spend over $ 700 million.
The agency blends data science, objective media, and captivating experiences to build valuable connections between brands and consumers. Current brands in Essence’s rapidly diversifying client base include Financial Times, Google, HP, Viber and Tesco Mobile.
“The addition of Essence to GroupM represents significant expansion of our digital expertise, particularly with the Google technology stack. This is consistent with GroupM’s overall policy of a technology agnostic approach,” said Rob Norman, Chief Digital Officer, GroupM. “We’re delighted to welcome and begin collaborating with the talented colleagues that come with WPP’s strategic investment in Essence.”
This acquisition continues WPP’s strategy of investing in fast growth markets, new media and digital, including data and the application of technology. WPP’s digital revenues were US$6.9 billion in 2014, representing 36% of the Group’s total revenues. WPP has set a target of 40-45% of revenue to be derived from digital in the next five years.
“Essence has a proud history of using technology, data and transparent media buying to advance the digital advertising industry,” said Christian Juhl, CEO, Essence. “We’re proud to work with some of the world’s most advanced clients, running global campaigns across more than 70 markets. In GroupM, we have found a partner who shares our vision and augments our capabilities with global scale, access to media that isn’t yet digital and the global partnerships and platforms to further advance our agenda.”
