X3M Ideas in negotiation to acquire foreign agency
One of Nigeria’s fastest growing agencies, X3M Ideas could be making an entry into a foreign market any time soon, as the creative shop is in talks to acquire an agency outside the shores of Nigeria, in order to improve its commercial capabilities.
The CEO of the agency, Steve Babaeko told MARKETING EDGE that his creative shop was on the lookout for agencies in other markets to acquire. And to this end X3M Ideas has already contracted a consultant to take charge of the proposed acquisition.
“Right now, we are working with a consultant firm; I cannot mention their name yet, in terms of valuing our business. And there are certain acquisitions we are trying to make as soon as possible. We have plans.
“It can’t just be about Nigeria. In four years, this is the impact we have had in this country; I think it’s time to take the magic somewhere else,” Babaeko said in an exclusive interview.
The agency boss however declined to mention the name of the agencies he is in negotiation with, or its location. He only insisted that such information would be made public when the deal has been consummated.
Speaking further during the interview which held at his state-of-art office complex in Ikeja, he disclosed that his positioned on global affiliation or partnership has since change and he is now open to aligning with a global agency network.
He told MARKETING EDGE that his new position came about because of the need to build a more sophisticated environment in a sustainable way. “If you had asked me this question about two years ago then I would have told you I don’t care about affiliations or any kind of alignment. But today, you can’t be an island to yourself.
“If you look at someone like Martin Sorrel, he only owns 1.5 percent of WPP. So you need people. Once people put their money in your business, then corporate governance becomes more tightened, and accountability becomes tougher. So at this stage we are open, but it depends on who is asking,” he declared.
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