WPP Buys Majority of Peruvian Agency Phantasia

WPP's marcoms network Wunderman has acquired a majority stake in digital marketing agency Phantasia, in Peru. Terms were not disclosed.

Phantasia has been an affiliate of Wunderman since 2012. Founded in 1998 by Paul Thorndike (pictured), the Lima-based firm employs more than 200 professionals including creative designers, strategists, data scientists, marketers, and experts in social media. The firm offers a range of digital marketing services such as advertising, media buying and data analysis, including big data; while its MIO (Marketing Intelligence Office) division offers social media-based campaign analysis, benchmarking services, ad hoc studies and the 'We Love Data' series of reports.

For the year 2014, Phantasia's revenues are expected to be S/.22.2m (US$7.4m). In a statement, WPP said the buy continues its strategy of developing its network throughout Latin America. In the region, WPP collectively generates revenues of US$1.6 billion, though only US$40m comes from Peru, where the group employs 700 people.

Commenting on the acquisition Thorndike added: 'Wunderman is the largest network of digital agencies in the world and is very clear that it wants to consolidate its presence in the region, so it was a natural step to strengthen this presence.'

Web sites: www.wpp.com , www.wunderman.com and www.phantasia.pe .