Breaking News: AKQA acquired by WPP.

Here's some big breaking Wednesday morning news for you: WPP has acquired formerly independent shop AKQA.

Currently employing 1160 people worldwide, the agency operates through offices in the US (San Francisco, New York, Washington DC), Europe (London, Paris, Amsterdam, Berlin) and Asia (Shanghai). The agency had gross assets of $282 million as at 31 December 2011 and forecasts revenues of around $230 million in 2012, up from $189 million in 2011.

We've been told that AKQA will continue to operate as an independent and stand-alone brand within WPP and will still be led by founder and CEO Ajaz Ahmed and Chairman Tom Bedecarré. Tom will also become President of WPP Ventures, a new Silicon Valley-based company, which will explore new digital investment opportunities for WPP as a whole. Other appointments to the Board of WPP Ventures will be made in due course.

Commenting on the arrival of AKQA, Sir Martin Sorrell, CEO, WPP said: “We are thrilled to welcome AKQA’s unique team of technological innovators and entrepreneurs to WPP. We have admired their creativity and technological skills for a long time along with their outstandingly effective and award-winning work for clients. We are looking forward to working with Ajaz and Tom to broaden their offer and our own, both geographically and functionally. We are delighted to be united!”