Xaxis, a wholly-owned operating company of WPP, is set to acquire Bannerconnect, a media trading firm which specialises in providing infrastructure and services for digital media trading to publishers, advertisers and media agencies.

Bannerconnect, which employs 40 people, generated revenue of €4.3m in 2013, with gross assets of €8.3m at the period end.

A statement by the FTSE 100-listed group read: "This acquisition marks a further step towards WPP's declared goal of developing its networks in fast-growth markets and sectors and continues WPP's strategy of strengthening the group's capabilities in digital media.

"WPP is targeting at least 40-45% of revenues to come from each of fast-growth markets and new media over the next five years."

The group also said that Bannerconnect's technology, particularly its real-time optimisation tools, was complementary to Xaxis's own technology.

NR

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