WPP has purchased US-based Fenom Digital which describes itself as a purveyor of “transformative digital options for the age of human interactions.” Ecommerce in different phrases.
Fenom was based in Big apple by Dylan Runne three years in the past and now employs 190 individuals (not unhealthy going) working for shoppers together with Basset Furnishings, Casper, Crocs, David Yurman, GNC, PacSun and Snipes. It really works primarily by way of the Salesforce platform and will likely be rolled into ever-expanding Wunderman Thompson, WPP’s (primarily) tech arm.
WPP CEO Mark Learn says: “Increasing our enterprise in high-growth commerce areas continues to be a excessive precedence for WPP as we enter 2023. The Fenom workforce brings a confirmed observe report of success paired with deep trade experience and I’m delighted to welcome them to WPP.”
From a enterprise standpoint this probably is smart though it’s hardly one to set the. pulses racing. WPP has an issue in that it appears to be persistently undervalued by traders, in response to some analysts not less than. It’s at present valued at round £9bn, in comparison with a peak of round £16bn a decade in the past.
Its concentrate on tech, whereas probably good enterprise, in all probability doesn’t assist in the intervening time as tech shares have tanked spectacularly over the previous 12 months. They could not all be as mad as Meta/Fb however the mud sticks.
WPP was constructed on first, massive inventive company acquisitions – JWT, Ogilvy, Y&R and Gray – after which a raft of media businesses. There aren’t any of this scale nonetheless to purchase even when WPP was so inclined however WPP may so with a horny acquisition or two. In any other case there’ll be a rising notion that it’s a tech companies enterprise primarily, a number of it in Wunderman Thompson. In such circumstances traders are likely to assume: break-up.
