WPP loses out to private equity firm in race to buy AKQA - BR Bulletin - Advertising, Marketing, Media and PR news by Email - Brand Republic

WPP loses out to private equity firm in race to buy AKQA - BR Bulletin - Advertising, Marketing, Media and PR news by Email - Brand Republic: "WPP loses out to private equity firm in race to buy AKQA
by Joanne Payne Brand Republic 2 Feb 2007

Ahmed:LONDON - US private equity firm General Atlantic is to buy a majority stake in digital marketing agency AKQA for an estimated $250m, fighting off other interested parties including WPP Group.
The agency can boast clients such as Nike, Microsoft and Coca-Cola and an estimated revenue of $70m last year with a predicted $100m in 2007.
Tom Bedecarre, AKQA chief executive, said: 'We had some previous investors who were interested in being liquid, and we also wanted to take a look at our strategic options. The best solution was to work with someone who is not in our business but who is willing to be a long-term partner and help us grow.'
The agency will keep its existing management team, which includes Ajaz Ahmed, AKQA's co-founder and chairman. Founded in the UK, AKQA joined forces in 2001 with US agencies Citron Haligman Bedecarre and Magnet Interactive and Asian new media agency The AdInc.

AKQA has won numerous awards for its creative work and has offices in London, New York, San Francisco, Washington DC and Singapore, employing 485 staff worldwide.
It opened an office in virtual world Second Life in November in a bid to expand its team and ideas.
It also expanded into China in November ahead of the 2008 Beijing Olympics by opening an office in Shanghai. The office is headed by Ho Chee Yue, who has been with AKQA in Singapore for five years. He takes the title of regional director for Asia. Its first client is Coca-Cola.
This deal comes just days after Publicis Groupe completed its $1.3bn purchase o"