Connections Media has been acquired from Jonah Seiger (CEO & founder), Phil Lepanto (Chief Technology Officer) and Andy Weishaar (Chief Creative Officer). The initial consideration is $1.85 million, paid in cash at completion. Deferred consideration may be payable over the course of the next 5 years subject to the achievement of revenue and profit performance targets. Any deferred consideration that becomes payable will be satisfied by cash or up to 25% in Next Fifteen shares, at the option of Next Fifteen.
For the year ended 31 December 2012 Connections Media had revenues of $2.65 million and profit before tax of $0.85 million. The gross assets at 31 December 2012 were $1.15 million. The business will be acquired with $0.55 million of net working capital.
Seiger, Lepanto, Weishaar and the Connections Media design, development and client services leadership team will remain with the company post-acquisition, with Seiger serving as CEO and Operating Manager.
“Connections Media is a great addition to the Group. As political and corporate worlds becomes more social and digital, the products and services offered by Connections Media become increasingly valuable. Being able to offer such services helps us accelerate our transition from being a PR only group into a full service digital and social communications group,” said Tim Dyson, CEO of Next 15.
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