WPP shares were up 0.7% to 804.4p in early morning trading on Monday after the company announced its acquisition of Latin American ecommerce agency Corebiz for an unspecified amount.
WPP stated the acquisition would strengthen its digital commerce capabilities in South America as a part of the VMLY&R COMMERCE global network.
The agreement follows WPP’s recent purchase of Australian marketing firm Bower House Digital in a move to strengthen its marketing footprint across Australia and the Asia-Pacific region.
Corebiz reportedly specialises in VTEX implementation, and currently employs 600 people across Latin America, with most of its employees based in its São Paulo and Franca offices in Brazil.
The company’s Brazilian operations will join the VMLY&R COMMERCE global network, with additional regional outposts of the group coming onboard over the next year.
“Over the last few years, we have actively participated in the acceleration of the ecommerce market in Latin America,” said VMLY&R COMMERCE CEO Beth Ann Kaminkow.
“Now, our goal is to take this expertise to the rest of the world. This will only be enhanced by joining WPP and the VMLY&R COMMERCE network and we are excited to strengthen ecommerce enablement for VMLY&R COMMERCE’s global clients.”
WPP also mentioned Corebiz’s range of “industry leading” clients, including Casino Group, Carrefour, Walmart, Whirlpool, Estée Lauder and Decathlon.
Corebiz specialises in a selection of ecommerce solutions covering the three pillars of acquisition, such as creating visuals and maximising SEO, conversion, including full stack development, and loyalty, including managing consumer data and running targeted promotional campaigns.
WPP said the acquisition would reduce time-to-market for clients, reach audiences across a selection of channels and uncover new growth opportunities across the continent and beyond.
“Companies both in Latin America and around the world are looking to grow their ecommerce capabilities, having seen over the last two and half years the impact that strong digital commerce strategies can have on business growth,” said WPP Brazil manager Stefano Zunino.
“Corebiz’s market-leading knowledge of enterprise commerce platforms such as VTEX will further strengthen our commerce expertise. I look forward to welcoming the Corebiz team as we expand our offer to clients here in Brazil and beyond.”