Sid Lee's desire to enter the Asian market drove its decision to sell today to Kyu, the operating unit of Hakuhodo in Japan.
The Montreal-based agency, which opened in 1993, already has offices in Toronto, New York, Los Angeles, Paris and Amsterdam. About 550 staffers work at the six offices.
"We were looking for the proper way to expand our footprint to Asia while solidly maintaining our headquarters in Montreal," said Sid Lee executive chairman Bertrand Cesvet in a statement. "Teaming up with such a leading Asian organization will dramatically accelerate our achievement of this goal."
Top accounts at Sid Lee include Absolut, Intel, Facebook, Adidas, Red Bull, Samsung and Subway in Canada. The agency's annual revenue was not disclosed.
For Kyu, Sid Lee rounds out a growing portfolio of shops that includes Digital Kitchen, SY/Partners and Red Peak Group. Terms of the Sid Lee deal were not disclosed.
Kyu CEO Michael Birkin cited Sid Lee's reputation for "originality and foresightedness as well as its cultural relevance."