INNOCEAN Completes Acquisition of Global Digital Company Wellcom Group

November 2019 | Seoul

INNOCEAN Worldwide has completed the acquisition of a global digital company Wellcom Group, which is the Korean agency’s biggest acquisition since establishment.

  • All acquisition proceedings complete upon the approval of the General Shareholders’ Meeting and deliberation by the Australian Court
  • Effect of acquisition to be expected to play role of “golden egg” in increasing revenue
  • Further expansion of global network, including world’s largest advertising markets of America and Asia

On November 28, INNOCEAN announced the completion of the acquisition of Wellcom Group Limited (Wellcom Group), a digital marketing solutions company, to secure digital-based future growth and expand its global network. INNOCEAN and Wellcom Group signed an agreement deal last July.

Wellcom Group has been officially incorporated as an overseas operation of INNOCEAN, following the approval by the General Shareholders’ Meeting and the Australian Court. Based in Australia, Wellcom Group has been currently operating eight digital subsidiaries in the US, UK and Asia-Pacific region.

Wellcom Group provides services such as digital creative content production, social media strategy, and digital marketing solutions to leading global companies. ▲Retail/Food (Tesco, Coles, Tempur-Sealy, etc.), ▲Finance/Communications (ANZ Bank, Telstra etc.), ▲Fashion/Beauty (The Body Shop, Victoria’s Secret, Louis Vuitton, L’Oreal, etc.) are among the leading global brand clients of Wellcom Group.

With Wellcom joining INNOCEAN, which celebrates its 15th anniversary next year, the Korean agency will be in a better position to prepare for its second leap.

Moreover, the acquisition of Wellcom is expected to play the role of “golden egg” in increasing revenue. Wellcom has recorded double-digit annual growth rates, including in operating profit, over the past three years.

In addition, INNOCEAN expects to create synergy in the US, the world’s largest advertising market. Wellcom, with its differentiated digital capabilities, will be able to partner with INNOCEAN Worldwide America (IWA) and Canvas Worldwide (CWW), as well as INNOCEAN’s entire network, to provide global digital-centric integrated services.

INNOCEAN stated, “In addition to Europe, Asia, Australia and New Zealand, Wellcom has been expanding its business coverage in the US, from New York (Eastern) to Florida (Central) and LA (Western),” adding, “We expect great synergy from the acquisition as Wellcom’s aggressive expansion coincides with INNOCEAN’s global strategy, which has been in the works for a long time, in a perfect manner.” Wellcom plans to further expand business opportunities in Asia, in addition its current client portfolio which includes The Body Shop and Christie’s.

With the acquisition of Wellcom Group, INNOCEAN will expand its global network to 20 countries, 28 operations (Korean HQ + 27 overseas operations) and over 2,700 employees.

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CONTACT

Leticia Rial
Director, Corporate Strategy & Business Planning
l.rial.ungaro@innocean.eu