St Ives plc, the marketing services group, has acquired The App Business Limited (TAB), http://www.theappbusiness.com, a mobile-led consultancy specialising in strategy, product development and business transformation.
Established in 2009, the business employs over 100 staff and is headquartered in London. The company has a strong blue chip client base with particular strength in the consumer goods, automotive, travel, retail and publishing sectors.
In the financial year ended 30 April 2014, TAB generated EBITDA of £1.5 million and revenue of £5.1 million, with gross assets of £2.7 million. For the financial year ended 30 April 2015 TAB generated EBITDA of £3.7 million and revenue of £11.3 million (as per unaudited management accounts).
Initially, St Ives acquired 82.16% of the issued share capital of TAB, for an initial consideration of £22.3 million (£16.7 million in cash and approximately 2.6 million St Ives shares). On 8th February the company announced it had acquired the remaining 17.84% for £3.7 million in cash and approximately 0.6 million St Ives shares.
Further deferred consideration of up to £27.8 million may be payable (to be satisfied not less than 75% in cash and up to 25% in shares) dependent on incremental profit performance for the financial years ending 30 April 2016, 2017 and 2018. T
TAB will operate as a subsidiary of St Ives and will continue to be managed from its current location by its existing management team, which includes Daniel Joseph and Rob Evans, the principal vendors.
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