AFO (fka M4DC)

AFO aims to become a global leader in evidence-driven communications. This partnership with Waterland will support AFO’s vision by accelerating investment in services that deliver meaningful and measurable impact to its clients, and by helping retain and attract the best people in the industry. AFO also has international growth ambitions, predominantly focusing on entry to the North American market.



AFO operates in the global communications market worth £69bn, growing at 7-10% per annum. This is driven by an increasingly complex and fragmented media landscape, but also growing demand from clients for more data-led communications strategies to deliver improved effectiveness. Through AFO’s market-leading services and reputation for flawless operational delivery, the business has enjoyed 30% year-on-year revenue growth over the recent period.

With Waterland’s support, the business aims to expand internationally through an active buy and build program.