WPP Buys Majority Stake in Korean Digital Agency

WPP's comms network Grey Group has acquired a majority stake in Seoul, South Korea-based creative digital agency Vinyl I-Co. Terms of the deal were not disclosed.

Since it was founded in 2000, Vinyl-I Co has evolved from a web and UX design specialist to a full service digital ad agency, which uses new media technology to enhance the user experience. Two of its divisions are the B&M Group (Branding and Digital Marketing), which designs and develops brand campaigns through social media networking strategy; and the New Media Group, which specialises in designing technology to provide insight into users. The firm has a headcount of more than 70, and for the year ending 31st December 2014 reported gross revenue of KRW 12.8 bn (£7.3m).

Vinyl-I Co will continue to be led by founder and CEO Paul (Hong Rai) Cho (pictured), and COO Gil (Jung) Kim. Commenting on the investment, Nirvik Singh, Chairman & CEO of Grey Group Asia Pacific, said: 'We are always looking for ways to provide our clients with the best innovations. With Vinyl-I Co's outstanding work for highly acclaimed brands, in tandem with Grey Group's extensive network, this partnership will go from strength to strength'.

Web sites: www.wpp.com , www.grey.com and www.vinyl-i.com .