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.
UK, London
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