Added Value Buys Majority of Saffron Hill

WPP's brand and insight specialist Added Value has agreed to acquire a 51% stake in SE Asian full service agency Saffron Hill Research. Terms were not disclosed.

Founded in 2001 by Joint MDs Raymond Ng and Tessa Dimaano Brown, the agency employs 38 in Singapore, the Philippines and Malaysia, and last year its unaudited revenue was S$4.4m (£1.8m) with gross assets of S$1.4m (£586,000). The company conducts both qual and quant research and has its own field and operations division and focus group facilities.

In a statement, WPP said that the investment is part of its strategy to develop its networks in fast growing markets and sectors including consumer insight. Goldman Sachs has identified the Philippines as one of the 'next 11' world economies to watch, and Asia Pacific has been widely tipped to lead the recovery of the global economy.

Web sites: www.wpp.com , www.added-value.com and www.saffron-hill.com .