WPP acquires Imaginet

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WPP Group, London, has acquired Minneapolis-based Internet professional services firm Imaginet, which will operate as a division of J. Walter Thompson (AdAge.com, Dec. 15, 2000). Imaginet will work with J. Walter Thompson to serve the Web-development needs of JWT's advertising clients. Terms of the deal were not disclosed. The companies have previously collaborated on work for clients including Goodyear Tire & Rubber Co. Imation Corp. spun off Imaginet in 1999, and preparations have been under way for the company to expand in several other central U.S. cities in 2001. Imaginet, which ranked No. 26 on Advertising Age1s Interactive 100 in 2000, had 1999 revenues of about $20 million, up 33.6 percent from the previous year. It reported 2000 revenues of $12.5 million and net assets of $1.2 million on Dec. 31, 2000. Imaginet employs more than 100 people.

Copyright January 2001, Crain Communications Inc.

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