WPP to buy China's 3Ti Solutions
Advertising giant WPP's wholly-owned operating company Mirum has agreed to buy China's 3Ti Solutions Inc. for an undisclosed sum.
FTSE 100
8,280.63
16:49 04/10/24
FTSE 350
4,570.17
17:14 04/10/24
FTSE All-Share
4,527.24
16:54 04/10/24
Media
12,325.15
17:14 04/10/24
WPP
782.60p
16:40 04/10/24
3Ti's services services span digital business strategy consulting, product design and development, software and mobile app development. The company - which employs around 100 staff in three offices - provides Internet+ and Internet-of-Things solutions, and has designed and developed smart wearables, smart office, smart health and smart finance products.
Its clients include China CITIC Bank, Bank of Communications, Mastercard, UnionPay, China Eastern, Ctrip, Geely, Michelin China, IKEA, OPPO Electronics Corporation, BenQ Corporation, Shiseido and Fosun.
3Ti's unaudited revenues for the year ending December 2016 were RMB66.8m, with unaudited total assets of RMB40.3m.
WPP said the acquisition will expand Mirum's service offering into China with an additional R&D capability aimed at developing proprietary programmes.
At 0937 GMT, WPP shares were up 0.1% to 1,687.75p.