WPP unveils Wavemaker will be the name of the agency formed by the merger of MEC and Maxus.

The new agency to be created from the merger between MEC and Maxus will be named Wavemaker, WPP has announced – saying the name reflects the agency’s heritage, born from WPP and GroupM.

Tim Castree, who will act as global CEO, said of the new business: “Our purpose is to provide advertisers with the power to transform and grow their business through our purchase journey obsession; and importantly to do this through the integration of purchase journey insights and data with [m]PLATFORM, GroupM’s proprietary global audience technology.

Castree is positioning Wavemaker as “a media, content and technology agency”, rather than just a media shop, after a string of account losses and the emergence of new rivals such as Omnicom’s data-driven agency, Hearts & Science, and the management consulting firms.

Group M, the world’s biggest media buyer, has insisted the merger is not a “carve-up” of Maxus, which is about half the size of MEC.

Wavemaker will adopt Maxus’ company values, dubbed “PACED”, which stands for passionate, agile, collaborative, entrepreneurial and diverse.

Wavemaker will have 8,500 staff, operate in 90 countries and manage $38bn (£29.2bn) in annual billings.