The big six holding companies have been far less acquisitive than in recent years, according to new data released by media and marketing research firm COMvergence.
Its Marcom Agency Acquisitions Benchmarking Study 2024 confirms the slowdown anticipated in 2023. COMvergence said it marks a clear contrast to the post-COVID rebound that began in 2021 and continued in 2022. With just 52 acquisitions recorded, 2024 aligns with 2019 activity levels and remains well below the peak years of 2016 (127 acquisitions) and 2017 (110 acquisitions).
COMvergence found that in the big six holding companies (Dentsu, Havas, IPG, Omnicom, Publicis Groupe and WPP) accounted for 69 per cent of all deals in 2016. Now, they account for just 37 per cent.
Omnicom’s acquisition of IPG was announced in December 2024 but it has not yet completed.
By contrast, management consulting firms including Accenture, Deloitte and Capgemini have increased their presence from 13 to 23 per cent.
Of the big six, Publicis Groupe was the most acquisitive in 2024, expanding its footprint globally through acquisitions in digital commerce and media, boosting its digital and media capabilities in North America. COMvergence said Publicis’ acquisition of Mars United Commerce was “one of the standout deals” as it added significant headcount in the connected commerce space.
Publicis’ compatriot holding company Havas, meanwhile, continued with a more localised approach focusing on creative and media acquisitions including Liquid (ecommerce) and Australian indie media agency Hotglue.
IPG completed two deals: the acquisition of US-based real-time ecommerce intelligence platform Intelligence Node and a smaller acquisition in the Philippines, Xiklab Digital, a digital marketing consultancy.
Omnicom also executed two deals—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, continued to slow its M&A activity, recording just one acquisition in 2024, acquiring only Mitsue-Links in Japan, a specialist in digital content and communication design.
Australian Acquisitions
Locally, 2024 saw modest but strategic acquisition activity focused on digital and media capabilities. Except Havas, none of the other big six were active in Australia. Publicis would acquire Atomic 212 in January 2025.
Brainlabs and Accenture led the way with acquisitions, buying Sparro (110 staff) and The Lumery (80 staff) respectively. Both acquisitions were designed to enhance their digital media and marketing tech consultancy offerings.
Havas added media and content agency Hotgule while Nunn Media acquired Indago Digital, strengthening its local digital footprint.
Since 2016, Australia’s M&A landscape in marketing and consulting has clearly shifted toward data-driven and digital transformation capabilities, with local firms being the dominant targets according to COMvergence’s David Lerault.
Lerault added the acquisitions have remained predominantly local in coverage, with a strong focus on cloud consulting, marketing tech, ecommerce and performance media.
Since 2016, Deloitte has emerged as the most active acquirer in Australia by number of deals (14), primarily targeting small to mid-sized digital and data consultancies to build a robust, tech-enabled marketing ecosystem.
However, Capgemini stands out in terms of scale, adding 1,800 staff across just three acquisitions—highlighting a strategy focused on large, transformative plays like Empired (1,100 staff) and RXP (550 staff).
Accenture has combined scale and precision with six acquisitions totalling 720 employees, reinforcing its leadership in cloud and digital experience.
Meanwhile, Publicis Groupe and Dentsu have been consistent, with a mix of media, CRM and data capabilities, while Havas has leaned into performance media and creative, acquiring seven smaller, specialised agencies.
Overall, the market reflects a dual trend: global consultancies are scaling digital operations rapidly, while holding groups continue to diversify with targeted, capability-led acquisitions.
Ecommerce & Consultancies
COMvergence said ecommerce acquisitions have accelerated since 2021, with 2022 and 2023 seeing record-high talent additions, surpassing pre-2021 levels.
Ascential remained active in 2021–2022, making seven deals and adding 950 employees.
Publicis Groupe and WPP significantly scaled their e-commerce focus in 2023–2024, with Publicis adding over 1,000 employees, including through its acquisition of Mars United Commerce and WPP contributing 870 employees across three deals.
Omnicom made a major move in 2023 with Flywheel Digital (2,570 employees), while Accenture reasserted its presence with five deals totalling 940 employees, reflecting a continued consultancy-driven push into e-commerce.
Since 2016, management consultancies have acquired 191 agencies, nearly a quarter (24 per cent) of all M&A activity. This highlights their strategic pivot toward Digital, Data, Creative and Media capabilities.
Accenture has been at the forefront of this transformation, responsible for half of all consultancy-led acquisitions, with a clear focus on scaling cloud consulting, data analytics, ecommerce and creative services to establish itself as a leader in integrated marketing solutions.
Deloitte follows with 20 per cent of consultancy acquisitions, while PwC, Capgemini and McKinsey have adopted more selective, targeted approaches.
