Dentsu is the latest holding company to see signs of recovery as the economy rebounds from the effects of the COVID-19 pandemic.

Global organic revenue grew 14.2 % over the three months ending Dec. 31, and grew 13.1% for the fiscal year 2021. Dentsu, which is headquartered in Japan, exceeded analysts’ expectations and attributed growth in the fourth quarter to increased spend from existing clients on digital transformation initiatives.

By discipline, the company reported a 12.6% increase in media revenue, a 3.7% increase in creative, and a 9.7% increase in CMX, which contains its data and analytics practice, for 2021.

Geographically, organic growth increased 17.3% in Q4 in Japan (17.9% for the full year), and grew 15.4% in Q4 in the Americas (10.6% full-year). Breaking that down further, the company reported a 14.1% increase in the U.S. in Q4 (9.9% full-year), and a 29.5% increase in Canada (22.9% full-year), which it attributed to increased media spend from clients across luxury, tech and finance into the holiday season.

Dentsu reported its media discipline as the “standout performer” in the Americas, reporting an 18% year-over-year increase, boosted by the cyclical recovery in advertising spend. The company said the outlook for CMX remains strong with commerce and experience seeing the highest growth areas, as well as a growing demand in data, analytics, technology enablement and personalization.

The company’s brands in Canada include Carat, Dentsu X, Dentsu Mcgarrybowen, iProspect, Isobar, Merkle and Dentsu One.

In Europe, the company saw a 12.6% increase in Q4 (11.1% YOY), again attributing growth in the region to CXM and the Merkle brand. In the Asia Pacific market, which excludes Japan, organic growth increased by 3.8% in Q4 and 4.7% in 2021.

Although the company experienced considerable organic growth over the 2021 fiscal year, the company anticipates 2022 will be a slower year as recovery normalizes. The company forecasts a 4% increase for 2022.