WPP buys NuConomy
Israeli web 2.0 start-up NuConomy Inc. has announced that WPP Group plc (LSE: WPP; Nasdaq: WPPGY) has invested in the company. Sources say that the investment totaled $3 million and was made last month.
This is WPP’s first investment in an Israeli Internet start-up. WPP holds stakes in Israeli affiliated adverting agencies, Shalmor-Avnon-Amichay Young and J. Walter Thomson (JWT) Israel Ltd. (Tamir Cohen), as well as representative agreements with Adler Chomski Marketing Communication Ltd. (TASE:ADCH) and Fogel Levin Ogilvy Advertising Agency.
By all accounts NuConomy was built to be sold, in that case they have done a wonderful job.
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