WPP Buys LA Interactive Agency Schematic; Latest Digital Acquisition

From paidContent:UK: WPP’s (LON:WPP) digital odyssey continues; the advertising services group is buying Los Angeles-based Schematic for an undisclosed amount, reports The Guardian (via release). Led by Trevor Kaufman, Schematic has an impressive list of big-name clients across a range of digital media and also has offices in Boston, New York, Atlanta and San Jose, employing 255. It developed CNN’s Pipeline video player and the new-look ITV.com, which the British broadcaster unveiled this summer with on-demand TV catch-up video and live streaming of its four TV channels. Schematic pulled in annual revenue of $29.6 million by this March.

WPP has of late acquired MySpace China investor China Broadband Capital Partners, Pennsylvania-based digital agency Refinery and, in the biggest deal, bought ad network 24/7 RealMedia for $649 million. It’s also an investor in VideoEgg. Sir Martin Sorrell’s company posted 10 percent better digital revenues for the first half in August; the CEO has this year stated his desire to see that 25 percent of WPP revenue comes from digital within five years.

Update: Schematic will sit within WPP Digital and will work primarily with its media investment management arm GroupM, according to the release