Twitter to Provide Data to WPP as Part of Strategic Partnership
Stock Chart for Twitter Inc (TWTR)
Twitter Inc. (TWTR), the microblogging site seeking new revenue sources, struck a deal to provide data to WPP (WPP) Plc as the world’s largest advertising company tries to build more efficient campaigns.
The partnership will result in Twitter data being integrated into WPP’s media and analytics products, according to a statement today from the London-based advertising company. No financial details were disclosed.
Twitter, based in San Francisco, is expanding its revenue sources in a bid to reach $1 billion in sales by 2014. For WPP, Twitter data will help it build more targeted campaigns and give customers access to more real-time information.
“As Twitter has grown, marketers are leveraging the platform for brand insights, relevant real-time messaging, and customer research,” Twitter Chief Executive Officer Dick Costolo said in the release.
While Costolo has said that management isn’t concentrating on an initial public offering, Twitter is widely predicted to hold a share sale before long to fund expansion and give early investors a way to realize financial gains on their holdings.
Last month, the company hired Morgan Stanley managing director Cynthia Gaylor to run corporate development, adding an executive with 17 years of investment-banking experience.
Twitter Inc. was valued at almost $10 billion by one of its investors last month, up about 10 percent from a previous estimate.
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