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WPP Digital, the digital arm of world's second largest ad agency WPP, announced Monday that that it has acquired a 75 per cent stake in Quasar Media, Delhi based online media buying company. They haven't disclosed the financial terms, though. WPP Chief Executive Martin Sorrell had told Reuters on the sidelines of conference last week that they would be acquiring stake in Quasar.
Quasar, founded in 2005, is India's largest online media buying company. It also offers digital media, creative, ebusiness solutions, search marketing and optimization, mobile marketing, ecommerce, social media and eCRM among others. The company employs 73 people and has clients like LG Electronics, MakeMyTrip.com, Microsoft, Monster.com, VISA, Motorola, Zapak and Airtel.
Quasar will continue to be managed by its founding team, led by CEO Harish Bahl, and Chief Business Officer, Manish Vij. The company's revenues for the year ended 31 March 2007 were Rs 10.36 crore with gross assets at the same date of Rs14.95 crore. This would mean a billing of more than Rs 100 crore.
WPP is betting on the future of digital advertising, which is expected to become a $560 million industry in India by 2009. This will be about 7 per cent of the total advertising market in the country.