Terms of the transaction, which was first reported on AdAge.com, were not disclosed.
Translation will operate as a stand-alone unit under the Interpublic structure, and will act as "a shared resource for all Interpublic companies," according to a press release issued today. Translation will be permitted, though, to continue working on projects with clients, such as McDonald's, that have affiliations with competing holding companies, such as Omnicom Group and Publicis Groupe, according to a person familiar with the matter.
Translation's chief creative officer and founder, Steve Stoute, will remain at the helm of the unit, while Keith Sherwood, formerly director-business development, has been named chief operating officer.
"Translation has a strong track record in delivering the youth and urban audience to top marketers. In today's world of fragmented media, niche marketing is more important than ever," Interpublic Chairman-CEO Michael Roth said in a statement.
"We are thrilled to be partnering with Interpublic. ... We look forward to bringing Translation's extensive knowledge and understanding of the marketplace to Interpublic's vast network of marketing companies," Mr. Stoute said in the statement.