Unknown Unknown
Feb 10, 2012

XM Asia to acquire stake in Indonesia’s Magnivate

JAKARTA - WPP announced that XM Asia, a division of JWT, has entered into an agreement to acquire a stake in PT Magnivate Group, a leading digital agency in Indonesia. Completion of the acquisition is subject to fulfillment of certain conditions.

Paul Soon, CEO XM Asia Pacific

Executives were unavailable for comment until the deal is fully finalized.

Founded in 2008 and based in Jakarta, Magnivate's offering includes digital strategy, social media communications strategy, rich media, online advertising, search marketing and e-marketing. The agency employs 95 people and clients include Danone, Frisian Flag, Samsung and Unilever.

Magnivate’s unaudited revenues for the year ended 31 December 2011 were approximately $1.78 million with gross assets at the same date at approximately...

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