JWT Buys Stake in Pakistan Digital Agency

WPP's marcoms network JWT has acquired a minority stake in digital agency Converge Technologies, in Pakistan. Terms of the deal were not disclosed, but WPP says the buy was funded by a subscription for new shares.

Founded in 2007, Converge is based in Karachi and employs 90 people. For the year ended 30th June 2011, revenues were PKR 187m (£1.3m), with gross assets at the same date of PKR 76m (£528k). Converge is led by CEO Qazi Fakhir Jamil (pictured).

The firm's services include data and research management, customised applications for SMs, interactive voice response, digital viral marketing and content services. It also includes a Digital Interactive division which offers a 360-degree marketing approach to reaching target audiences.

WPP said in a statement that the investment continues its strategy of developing its services in faster growing geographic markets.

Web sites: www.wpp.com , www.jwt.com and www.converget.com .