- WPP Group has acquired two leading high-tech US marketing consulting firms, Charles River Strategies and MSI Channel Research & Consulting LLC, for an undisclosed sum.
The acquisitions form part of a growing portfolio of high tech firms that that WPP has acquired and which now form its Specialist Communications Group.
Having already invested $10 million in new media ventures in the last 18 months, WPP has set aside a further $10 million to $15 million to invest in new acquisitions, such as those announced this week.
The billings of WPP Specialist Communications Group alone now total $250 million.
Boston-based CRS advises high-tech clients on research, market and channel strategy development and implementation. MSI, which is based in Seattle, advises high-tech firms on marketing and sales strategy development, research and implementation.
Revenues for the two were over $10 million in 1997, equivalent to billings of $70 million. Net assets were $2.5 million as of 31 December 1997.
John Zweig, chief executive of the Specialist Communications Group at WPP, said: "As technology continues to become the driver of the world economy, companies who can market products will experience rapid growth."