Holmes Report 31 Mar 2014 // 8:50AM GMT
HONG KONG—Hill+Knowlton Strategies has agreed to acquire Asian digital creative agency Rice5.
Founded in 2003 with offices in Hong Kong and Shanghai, Rice5 provides creative design and technology, social and digital media services.
The agency's unaudited revenues for the year ended 31 December 2013 were HK$16.6m, with gross assets at the same date of HK$6m. Rice5 employs 48 people.
Clients includes Givenchy, L’Oreal Group, LEE Jeans, Maxim’s Group, Rayban and The Hong Kong Tourism Board.
This acquisition marks a further step towards WPP's declared goal of developing its networks in fast-growth markets and sectors. In Greater China, WPP companies (including associates) generate revenues of US$1.4bn and employ over 14,000 people.
Like-for-like revenue growth in Greater China was 4% in 2013 (excluding associates). In the Asia-Pacific region, WPP companies (including associates) generate revenues of US$5bn and employ over 48,000 people, following like-for-like revenue growth of 5.2% in 2013.