Narayan AmmachchiBritish advertising giant WPP acquired Latin American e-commerce agency Corebiz, gaining a wider foothold to capitalize on the growing demand for online retailing in the region.
São Paulo-based Corebiz will be folded into WPP’s e-commerce subsidiary VMLY&R Commerce, but the founders of the Brazilian firm will continue to lead its operations after the transaction is closed.
Founded in 2013, Corebiz specializes in deploying VTEX digital commerce platform, a vital technology for businesses to reach out to online consumers.
Seven years ago, the British firm acquired a similar digital agency in Latin America called iNext. It did not turn out to be fruitful, largely, though, due to a lack of technology experts skilled enough to develop e-commerce sites.
Corebiz has grown significantly over the past two years, as Latin Americans went shopping online after the Covid-19 pandemic prompted governments across the region to impose social distancing measures.
In addition to Brazil, Corebiz also operates in Mexico, Chile, Argentina and Spain. Its clients include the likes of Whirlpool, Casino, Walmart, Carrefour and Decathlon.
Corebiz has acquired as many as nine smaller rivals in the past eight years, including Trinto, a digital agency based in Rio Grande do Sul (Brazil). Trinto added 400 professionals to its workforce, increasing its headcount from 200 to 600.
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