A total of 786 agency acquisitions have been made globally over the last nine years, making it an average of 87.3 per year during this period, according to a report by COMvergence.

In 2024, the agency acquisitions were much below the average, with the global marcom agency acquisitions benchmarking study by COMvergence recording just 52.

The analysis tracks digital, data, creative, and media acquisitions from 1 January 2016 to 31 December 2024, excluding minority stakes (less than 50%).

The 52 acquisitions recorded in 2024 align with 2019 activity levels. However, in 2016 and 2017 there were 127 and 110 acquisitions made respectively.

According to the report, Accenture and Publicis Groupe lead the acquisition space with a focus on acquiring digital and data-centric businesses to enhance service offerings.

Accenture’s acquisition of Navisite (cloud consulting) and Logic (retail tech) strengthened its position in digital transformation, adding over 1,500 employees, primarily in North America and EMEA.

Publicis Groupe, with seven deals, is looking to expand its footprint globally through acquisitions in digital commerce and media to boost its digital and media capabilities in North America. 

In terms of a diverse acquisition strategy, Stagwell Global stood out as it made 10 during the last nine years. It focused on small, high-growth assets.

Havas continued with its localised approach, focusing on creative and media acquisitions such as Liquid (e-commerce) and Hotglue (media) during the year.

Omnicom executed two deals during 2024, one each of digital advisory firm LeapPoint and UK-based post-production studio Coffee & TV. 

WPP and Dentsu each made a single acquisition. WPP acquired New Commercial Arts (NCA), strengthening its creative and customer experience capabilities. Dentsu, while historically leading in deal volume with 111 acquisitions since 2016, continues to slow its M&A activity, recording just one acquisition in 2024, acquiring Mitsue-Links in Japan, a specialist in digital content and communication design.
 
Regional insights

Since 2016, North America has remained the dominant region for acquisitions, contributing nearly 59% of global revenue and employing the largest share of talent. EMEA continues to drive the highest volume of acquisitions, focusing on smaller-scale deals, while APAC shows strong potential for future monetisation.

India and Brazil remain key for scalable talent, and China and Japan continue to lead for high-value, strategic acquisitions. 

India’s marketing and consulting M&A landscape has been marked by a shift toward digital transformation, data analytics, and cloud consulting, driven by global networks and consultancies. 

Dentsu has led this trend, with seven acquisitions totalling over 3,600 employees, including major deals like Ugam Solutions (1,840 staff, 2019) and Extentia (750 staff, 2022), highlighting its strategy to build a full-spectrum, tech-enabled service offering. 

Havas, with six acquisitions and over 1,100 employees, has focused on creative and full-service digital capabilities, acquiring agencies such as Pivotroots (250 staff, 2023) and Shobiz (330 staff, 2019).

While players like Accenture, WPP, Omnicom, and Hakuhodo have been more selective, their acquisitions—like Imaginea (Accenture, 1,350 staff, 2021), Areteans (Omnicom, 600 staff, 2021), and Kinnect (IPG, 450 staff, 2023)—tend to be larger and strategically aligned with digital innovation and customer experience. 

Consultancy-led acquisitions

Since 2016, management consultancies have acquired 191 agencies, nearly a quarter (24%) of all M&A activity. This highlights their strategic pivot toward digital, data, creative, and media capabilities.

Following Accenture is Deloitte with 20% of consultancy acquisitions, while PwC, Capgemini, and McKinsey have adopted selective, targeted approaches.

This study reveals the ongoing shift in the marcom industry as leading firms continue to build digital, data, and e-commerce capabilities to drive growth, expand global reach, and maintain a competitive edge in the evolving marketing landscape.