British advertising behemoth WPP says it subsidiary Wunderman has acquired Spanish digital consultancy firm The Cocktail, which has offices in Mexico and Colombia.
Founded in Madrid in 2003, The Cocktail’s digital transformation services cover strategy development, design, technology, and data and analytics.
The company employs approximately 250 people, most of them based in Madrid. WPP has not yet disclosed financial details of the deal, but analysts say the acquisition must have cost several millions.
The Cocktail posted unaudited revenues of €16.4 million (US$18.5 million) for 2016 and counts El Corte Inglés, BBVA, the European banking giant, and the popular football club Real Madrid, among its clients.
Real Madrid hired the firm in 2012 to expand its online reach and to maximize the profitability of its presence on the web.
This acquisition will bolster Wunderman’s ability to deliver technology consulting services in Latin America, according to WPP.
With nine offices across the region – including Buenos Aires, São Paulo, and Mexico City – Wunderman is trying to make the most of its Spanish heritage in Latin America’s digital market.
“Wunderman can now bring the right mix of consulting and agency skills, on a global basis, to clients looking to transform their marketing to take advantage of the digital revolution,” said Mark Read, Wunderman’s Global CEO.
The Cocktail will continue under the current management team, led by Alberto Knapp, the founder and president of the agency.
Headquartered in New York, Wunderman has employed more than 7,000 professionals across the globe, and claims Google and Salesforce are its partners.