Experian completes acquisition of Passport Health Communications

November 22, 2013 — Fusion DigiNet

experianExperian, the global information services company, has completed the acquisition of Passport Health Communications.

Passport Health Communications is a  provider of data, analytics and software in the US healthcare payments market. The purchase price is $850 million. Revenues  are largely subscription based. In the year ending 31 December 2013, Passport Health is expected to generate revenue of US$121m, representing organic growth of 23%, and EBIT of US$30m. In the year ending 31 December 2014, Experian expects Passport Health revenue to reach approximately US$145m (of which 84% is already booked and contracted), with EBIT margins in the high twenties.

For more information see Experian acquires Passport Health Communications for $850M – posted on November 6, 2013.

Ireland, Dublin and UK, Nottingham

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DMGT – preliminary results for the year to September 2013

November 22, 2013 — Fusion DigiNet

Daily Mail and General Trust plc has announced the group’s unaudited preliminary results for the year ended 30 September 2013

DMGT results 2013

 

Click on the table for an enlarged view.

Highlights:

  • Underlying revenue up 2%
  • Underlying operating profit up 6%
  • Margin up to 17%
  • Adjusted profit before tax of £282m, up 10%
  • B2B; underlying revenue up 6% and underlying profit up 4%
  • dmg media performance; underlying revenue decline of 1%, with cost efficiencies driving underlying profit growth of 10%
  • Progress on the £100 million share buy back programme, £69 million to date
  • Net debt reduced by £40 million to £573 million
  • Net debt/EBITDA ratio of 1.5
  • Earnings per share* up 7% to 53.0p
  • Full year dividend increased by 7% to 19.2p

Martin Morgan, Chief Executive, said:

“DMGT has again delivered a good set of results. Group adjusted pre-tax profits* rose by 10% despite the disposal of Northcliffe Media at the end of the first quarter, reflecting good underlying profit growth from both our B2B and consumer operations. Our international B2B companies have increased their revenues and profits* by 6% and 4% respectively on an underlying# basis. Our UK consumer business, dmg media, grew its underlying# profits* by 10%, reflecting greater productivity as the business continues its digital transition.

We continued to refine and optimise our portfolio of businesses during the year with further strategic bolt-on acquisitions, notably within dmg information and Euromoney, and disposals, including Northcliffe Media and dmg media’s central and eastern European consumer assets. We believe these changes have improved the overall quality and growth prospects of the Group and we look forward to another year of good progress.”

Read the full announcement at the DMGT website

UK, London

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ITE establishes a presence in China with the creation of Sinostar ITE Ltd

November 18, 2013 — Fusion DigiNet

ITEITE Group‘s wholly owned subsidiary, International Trade and Exhibitions Overseas Ltd, has  established a 50:50 Joint Venture (“Sinostar ITE“), with Hong Kong based Worldcoat Exhibitions Ltd.

As part of the transaction, Sinostar ITE has acquired the ChinaCoat / SF China exhibition from Sinostar International Ltd, a company controlled by Mr Raymond Ho, owner of Worldcoat. ITE’s investment in Sinostar ITE is c. £33m, financed out of the Group’s existing cash and bank facilities and is expected to be earnings enhancing in the current financial year.

The ChinaCoat / SF China exhibition serves the paints, coatings and surface finishing industries in China and the surrounding region. The exhibition is held in November each year and alternates between Shanghai and Guangzhou. The upcoming 2013 exhibition will be held in Shanghai, marking the 26th edition of this event, which is expected to sell more than 35,000m2 net and be attended by over 30,000 professional visitors. The 2012 event, which took place in Guangzhou, was 31,000 m2 net and had more than 28,000 visitors.

Out of the total consideration of c.£33m, c.£30m was paid on completion with the balance payable in June 2014 once Sinostar ITE’s results for the period ended 31 March 2014 are available.  The value of the gross assets being acquired is c. £33m. The total profits generated by the assets acquired by Sinostar ITE in the period ended 31 March 2013 was £6.5m.

The owner of Worldcoat and the current CEO of Sinostar International, Mr Raymond Ho, will become CEO of Sinostar ITE.

ITE’s Chief Executive Officer, Russell Taylor, commented, “ITE has taken an important step in building a business in China. I am delighted that the creation of Sinostar ITE, in partnership with Worldcoat, further increases our business presence in Asia. This move represents progress in achieving the Group’s aims to expand its territorial operations in markets with further potential for growth.

UK, London & Hong Kong

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A Squared Entertainment and Genius Brands International to merge

November 18, 2013 — Fusion DigiNet

genius brandsGenius Brands International and A Squared Entertainment are to merge to form an intellectual property and multimedia content creation and distribution company focused on branded “content with a purpose” for kids. The two companies will be consolidated under the Genius Brands International  banner.

Andy Heyward, formerly CEO of DIC Entertainment and Co-President of A Squared Entertainment, will assume the role of Chairman and CEO of Genius Brands International; Amy Moynihan Heyward, formerly Co-President of A Squared Entertainment, will serve as President. Klaus Moeller, currently CEO of Genius, will become Genius Brands Vice President of Special Markets, and will continue with the company as a member of its Board of Directors.

“This merger brings together complementary media companies that are dedicated to providing entertainment that is as enriching as it is entertaining for kids,” said Mr. Heyward. “Through this merger, we are creating the first multimedia IP creation and brand management company to exclusively provide value-driven content for kids, from infancy to their pre-teen years, in multiple formats around the world.”

The new Genius Brands International Board of Directors will consist of former California Governor Gray Davis; Jeff Weiss, President and COO of American Greetings Corporation Inc.; Lynne Segall, Publisher and Senior Vice President of The Hollywood Reporter; Will McDonough, Founding Partner of Atlas Merchant Capital, formerly a Partner at Goldman Sachs; and Bernard Cahill, co-founder of ROAR. Klaus Moeller, Andy Heyward, and Amy Moynihan Heyward, complete the Board of Directors.

“We have gathered an accomplished group of independent directors whose experience spans media, finance, governance, and kids entertainment to join our Board,” noted Ms. Moynihan Heyward. “Together with the existing expertise and resources within our two companies, the Board provides Genius Brands International with the talents of highly experienced individuals, knowledgeable in various diverse aspects of our business, who will help drive our growth.”

“A Squared, with its long-standing relationships throughout the international broadcast community, will be able to bring Genius Brands’ content to the global IP marketplace, on a much larger scale than we ever did before,” noted Moeller. “In turn, Genius Brands has well-established direct distribution channels for both multimedia content and consumer products in the U.S. that will enable the company to reach incremental consumers outside of the traditional broadcast and retail marketplace.”

Moeller continued, “Brands such as Stan Lee’s Mighty Seven and Warren Buffett’s Secret Millionaires Club greatly enhance the company’s portfolio and are just a few examples of the new products we will deliver.”

USA, Los Angeles, CA

 

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Sold sold to Dropbox

November 15, 2013 — Fusion DigiNet

soldAccording to an announcement on the Sold website, seven month old Sold has been acquired by Dropbox and has closed its service. The terms of the deal were not disclosed. The company was forecasting $1 million in annual revenue

Sold was a service and iOS/Android app that simplified selling online by taking over the whole process. They handled handled the selling, the shipping, and the payment.

Sold was backed will $1.2 million from investors. Advisors and investors included Google Ventures, Greylock Partners, Matrix Partners, Boston Seed, Dharmesh and MIT Media Lab.

The announcement

Hi, friends! We’re very excited to announce that Sold has joined Dropbox! As of today, our service will no longer be accepting new items.

We’d like to sincerely thank all of our loyal friends and customers who have helped us, supported us, and spread the love for us through this amazing endeavor. We started Sold to provide people with a service that took the burden of selling off their shoulders – by doing all the dirty work for them.

But even beyond that, we wanted to create something that affected people in a positive way. Something they had an emotional connection with. Something they trusted. After spending time with Drew and Arash, we decided that the move to Dropbox couldn’t be better – their roadmap includes exciting new experiences which align perfectly with our ethos of creating products that positively affect people. Going forward, the Sold team will continue working together to build these experiences, shaping the future of Dropbox for their 200M strong user base. It’s an opportunity too good to pass up.

We’re really excited for the new set of challenges ahead, and are absolutely dedicated to continuing to create great experiences.

If you’re a current user with items in the system, expect to hear from us with instructions on how to proceed and finish your transaction.

Thank you, thank you, thank you,

-The Team at Sold

USA, San Francisco, CA & Boston, MA

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Snapchat rejects a $3 billion cash offer from Facebook

November 15, 2013 — Fusion DigiNet

snapchatAccording to the Wall Street Journal, Snapchat, a business that has no sales, has rejected an all-cash offer from Facebook Inc. for close to $3 billion.

Snapchat is a smartphone app that enables users to take photos, record videos, add text and drawings, and send them to a controlled list of recipients. These sent photographs and videos are known as “Snaps”  disappear in 10 seconds or less after opening.

Snapchat has also been approached by other investors and potential acquirers. Chinese Internet giant Tencent Holdings Ltd. had offered to lead an investment that would value Snapchat at $4 billion.

Snapchat Inc. co-founder Evan Spiegel thinks that users numbers will continue to grow rapidly and his company can get an even higher valuation. He is said not to be interested in selling the business before 2014.

Snapchat raised $80 million in a second round of funding led by Institutional Venture Partners in June 2013.

USA, Los Angeles, CA & Menlo Park, CA

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Dealflow.com acquires the assets of Goldfish.io

November 15, 2013 — Fusion DigiNet

goldfishDealflow.com has acquired the assets of startup research business Goldfish.io, including its technology assets, its database of subscribers, and all trademarks and copyrights. The terms of the deal were not disclosed.

“Our focus is on using live financial information from the social web to create research tools for evaluating investment opportunities,” said Steven Dresner, president of Dealflow.com. “Goldfish.io has been at the forefront of building early detection systems that identify potential company financings or other corporate events. We think the combination of the Goldfish.io technology with our own technology is a perfect fit.”

USA. Jericho, NY

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Electric Word acquires iGaming North America conference

November 8, 2013 — Fusion DigiNet

electric wordElectric Word plc’s online gaming business iGB has acquired a 50% interest in SAM Media Ltd, a Nevada-based conference business that owns the annual iGaming North America conference. Electric Word’s interest is held through iGB’s wholly owned US subsidiary, iGamingBusiness North America Inc., a Delaware Corporation, and was acquired for a nominal sum.

igamingIn 2013, the iGaming North America conference achieved revenues of approximately $0.5m. The deal allows iGB to share in future profit growth above an agreed threshold and also gives each party a call option to acquire the others’ membership interest at a future date.

Julian Turner, EW’s Chief Executive, said: “The regulatory changes which continue to unfold in the USA make it a very interesting market for our online gaming information business. This deal builds on the launch of our iGaming North America magazine in 2012 and gives us a great opportunity to extend the brand further.”

UK, London and USA, Nevada

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Groupon buys Ticket Monster from LivingSocial for $260 Million

November 7, 2013 — Fusion DigiNet

grouponGroupon is to acquire Korean-based Ticket Monster from LivingSocial for $260 million in cash and stock. The deal is expected to close in the first half of 2014.

“Ticket Monster is a perfect fit for Groupon as we continue to transition our business globally from a flash sale email model to a mobile commerce marketplace,” said Groupon CEO Eric Lefkofsky. tmon

“Ticket Monster has a vibrant and growing marketplace in one of the world’s largest ecommerce markets. Coupled with outstanding mobile penetration and expertise in local, travel, and product, they will help us accelerate our overall growth, provide immediate scale and serve as a cornerstone for our operations in Asia.”

Ticket Monster — known locally as TMON — was founded in 2010 and has quickly grown into a leading provider of product, local and travel offers in Korea. TMON has consistently seen year-over-year billings growth in excess of 50 percent, with annual billings of more than $800 million today. The business is said to be close to break-even on an EBITDA basis.

Approximately half of its sales are transacted on mobile devices. Based in Seoul, the company has grown to 1,000 employees serving more than 4 million active customers.

The Ticket Monster brand and leadership team will remain in place. Groupon and TMON will work on an operational plan for the two local entities once the deal has closed.

Per the terms of the agreement, Groupon will acquire LivingSocial Korea — the holding company that owns Ticket Monster. Any non-Korean assets currently owned by LivingSocial Korea will be divested prior to close. The agreement is for at least $100 million in cash, and up to $160 million in Groupon Class A common stock, with the final cash and stock allocation to be determined. The transaction is subject to regulatory and other customary closing conditions, including review by Korean antitrust authorities.

USA, Chicago, IL & Washington, DC & South Korea, Seoul

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Experian acquires Passport Health Communications for $850M

November 6, 2013 — Fusion DigiNet

Experian, the global information services company, is acquiring Passport Health Communications, a  provider of data, analytics and software in the US healthcare payments market. The purchase price is $850 million. 

Founded in 1996, Passport Health is a data and software provider, with sales to over 2,500 hospitals in the US and more than 9,000 other healthcare providers. Its products are used by healthcare providers to manage payments between patients, commercial payers (such as insurance companies) and government programmes.

Passport Health’s revenues  are largely subscription based. The business has renewal rates of c. 95% and average contract duration of 3 to 5 years. In the year ending 31 December 2013, Passport Health is expected to generate revenue of US$121m, representing organic growth of 23%, and EBIT of US$30m. In the year ending 31 December 2014, Experian expects Passport Health revenue to reach approximately US$145m (of which 84% is already booked and contracted), with EBIT margins in the high twenties.

Don Robert, Chief Executive Officer of Experian, said, “Since entering the US healthcare payments market five years ago, we have steadily expanded our position through both organic investment and acquisition, and our business is growing strongly. We are now taking the next step and the acquisition of Passport Health will make us a clear leader in this high growth and attractive market. With our newly combined product range, we will offer our clients in the US healthcare industry a competitive one-stop-shop to manage risk and to satisfy their payments requirements. We are excited about the growth opportunities created by this combination and we greatly look forward to welcoming our new Passport Health colleagues to Experian once the transaction completes.”

Experian entered the healthcare payments market in 2008, with the acquisition of SearchAmerica, which focused on helping hospitals to manage their billings and cash flows. Experian further consolidated its position in 2011 with the acquisition of Medical Present Value, which extended its client footprint into physician practices and clinics and added new capabilities in insurance claims. Subsequently, Experian merged the two businesses to create Experian Healthcare, which in the year ending 31 March 2014 is expected to generate revenue of US$75m, with organic revenue growth in the mid-teens.

UK, Nottingham & USA, Franklin, TN

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