NetPlay TV to acquire digital marketing business Otherside
NetPlay TV has struck a deal to acquire online marketing, product development and technology company Otherside for a total consideration of £3.2 million (€4.5 million/$5 million).
Under the agreement, NetPlay will pay an initial £2.7 million for the trade and assets of Otherside, with an additional £500,000 payable 12 months after the completion of the deal depending on the delivery of certain targets.
Founded in 2008, Otherside specialises in online marketing, digital media and affiliation, generating £400,000 in profit before tax during the financial year ended May 31, 2015.
In a statement, NetPlay said the deal would allow it to boost its digital marketing strategies through the use of a “robust” media platform and specialist staff.
NetPlay also noted the deal would help deliver additional traffic to its existing brands, while also supporting a marketing skillset complimentary to its core products.
Bjarke Larsen, chief executive of NetPlay, said: “I am delighted to announce the acquisition of Otherside, which will strategically align with our core business and support our digital strategy across the group's brand portfolio.
“As previously stated, NetPlay is in a strong position to pursue appropriate, value-enhancing M&A activity and we are confident that this acquisition further strengthens the Group's digital reach.
“We look forward to integrating this specialist team into our operations and capitalising on the numerous commercial and margin-enhancing opportunities presented by the acquisition.”
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