British advertising giant WPP has announced that its subsidiary Wunderman has acquired a majority stake in Peruvian digital marketing firm Binarix (Phantasia).
WPP did not disclose what price it gave for Binarix, but did reveal that Phantasia is estimated to have earned more than US$22 million last year.
Lima-based Phantasia counts several regional and global industrial giants among its clients, including Telefonica, Backus, Banco de Credito, Samsung and Coca-Cola.
With about 200 employees, Phantasia provides consulting, digital marketing, creative and media buying services. Founded in 1998, the Peruvian firm has been an affiliate of Wunderman since 2012.
The British firm appears to have embarked upon a buying spree in recent months, saying it wants to build a “strategic network” throughout Latin America.
Last month it acquired Mexican digital marketing agency Clarus for an undisclosed price. That came on the heels of its purchase of Habitus Investigación, a market research company in Ecuador.
In January 2013, WPP spent $70 million to pick up a 20% stake in Globant, Argentina’s software development firm. In August the same year, its local subsidiary Geometry Global bought a majority stake in Argentina’s digital agency Brandigital.
The group collectively generates revenues of $1.6 billion in Latin America and employs 20,000 people. In Peru the group (including associates) generates revenues of over $40 million and employs 700 people.
The firm’s global digital revenues were over $6 billion in 2013, accounting for just over a third of the group’s overall income.