New York-based advertising giant WPP (NASDAQ: WPPGY) is acquiring TAXI Canada, including its Vancouver office, for an undisclosed sum.
Founded in 1992 in Montreal by Paul Lavoie and partner Jane Hope, TAXI has expanded into five cities across Canada, as well as New York and Amsterdam. It expanded into Vancouver in 2007.
WPP said in a news release that TAXI’s executive team continues to drive the organization, with Lavoie retaining his role as chairman and Rob Guenette serving as TAXI's CEO.
TAXI will become one of WPP’s Young & Rubicam Brands agencies, which is a group of 30 companies spanning the marketing communications spectrum.
WPP said TAXI’s strong client roster will benefit from the wide range of resources and talents at Young & Rubicam.
Guenette told BIV Monday that TAXI began looking for a partner a year ago in order to grow its global footprint.
“We had many offers along the road that weren’t right for us,” he said. “We’d like to be in South America, we’d like to be in Asia.”
He added the key to the acquisition was the condition that TAXI remains a stand-alone brand.
Both Geunette and Lavoie have signed contracts committing them to WPP for five years, and Geunette noted that TAXI’s Vancouver team will remain the same.
He added there may be some opportunities for TAXI Vancouver and Vancouver-based digital marketing agency Blast Radius, which was acquired by WPP in 2007 for a reported $200 million, to work together.
“If it make sense for us and Blast to work together, we will,” said Gunette. “But we’re both stand-alone organizations.”
WPP employs more than 141,000 people in 2,400 offices in 107 countries.