WPP’s growing Possible Worldwide network of digital agencies has bought a majority stake in Germany’s Conrad Caine, based in Munich with offices in Argentina and Brazil. Founded in 1998, Conrad Caine employs 140 people in Munich with revenues of €8.5m.
WPP’s digital revenue was $6.9 billion in 2014, 36 per cent of total revenue. The target is 40-45 per cent of revenue to be derived from digital in the next five years. WPP companies in Germany generate revenue of approximately $1.3 billion and employ around 7000 people (including associates). Germany is WPP’s fourth largest market after the US, the UK and China.
When Possible hove into view it looked like a hotchpotch of digital agencies WPP had acquired over the years and wondered what to do with. But it’s now a sizeable network and Conrad Caine is a relatively large player, by digital agency standards.
WPP also seems keener on acquisitions in Europe than it has been for some time, when its focus was on supposedly faster growing markets in Asia, the Far East and South America.