Octagon Worldwide, part of the Interpublic Group, has purchased the South African event management firm ESPM Legends, merging it with Octagon South Africa in a deal believed to be worth over $3 million.
The enlarged Octagon SA will have over 100 staff, the largest firm of its kind in South Africa. Its activities will include event management and sponsorship, athlete representation, licensing and merchandising.
The move reflects the boom in event marketing in South Africa. This is now the fastest expanding marketing medium, averaging 22% growth per year for the last decade. About 14% of total marketing revenue last year went on sponsorship and back-up advertising.
News source: Advertising Age - International Daily