Ad agency WPP taps into data with deal
Media giant WPP has agreed to buy Conexance, a French provider of data on consumer behavior, as the worlds largest advertising company seeks to expand in continental Europe in the wake of the UK's vote to leave the European Union.
Conexance, based in Lille and Paris, uses a database of information from households and more than 500 contributing retailers to identify consumer behavior and attributes that are predictors of future purchases, WPP said in a statement yesterday.
The company had sales of €5.9m last year and about 40 employees.
Following the UK's June 23 EU referendum, businesses across Europe are adapting investment decisions and business plans to cope with a post-Brexit world.
Advertising agencies have predicted a reduction in UK ad spending as a result of the vote and WPP chief executive Martin Sorrell has said leaving the EU will prompt the company to redouble its commitment to markets including Germany, France, Italy and Spain. (Bloomberg)