WPP acquires digital ad buyer Essence

WPP has further strengthened its hand in digital media by acquiring a majority stake in one of the world’s largest independent buyers of digital advertisement, London-based Essence Digital.

Sir Martin Sorrell’s FTSE 100 group has now completed 40 transactions during the first nine-months of 2015, having snapped up digital video specialist Manvsmachine on Monday.

Founded in 2005, Essence manages media spend of over $700m (£450m) from its base in the UK and offices in New York, San Francisco, Seattle, Singapore and Tokyo, having been on its own acquisitive spree in recent years as it looked to improve its access to social media and mobile.

The new addition’s clients include Tesco, for which Sorrell earlier this year finally won the planning contract, as well as the Financial Times, Google, HP and Viber.

“Essence blends data science, objective media and captivating experiences to build valuable connections between brands and consumers,” said WPP in a statement confirming the deal, adding that Essence, which has around 500 staff, will continue to operate as an independent brand within WPP’s GroupM media investment management division.

WPP's digital revenues were $6.9bn in 2014, representing 36% of the group's total revenues as it looks to reach a target of 40-45% of revenue derived from digital in the next five years.

Shares in WPP were up 0.5% to 1,497p by 0845 GMT on Wednesday.