Ebiquity plc Acquisition of FirmDecisions
Ebiquity plc is pleased to announce the acquisition of the entire issued share capital of FirmDecisions ASJP Group Limited, the holding company of the FirmDecisions group ("FirmDecisions" or the "Acquisition"). FirmDecisions is being acquired for an initial consideration of £1m which is being satisfied from existing banking facilities. The maximum total consideration is up to £7m, payable in cash, depending on the performance of the FirmDecisions business in the three financial years ending 30 April 2014. The Acquisition will be earnings enhancing in the first full financial year.
FirmDecisions specialises in media and production cost auditing, with specific reference to the advertiser supply chain. FirmDecisions ensures that its advertiser clients benefit from contractual compliance by their agencies and transparency of transactional value.
FirmDecisions is being acquired from its current and previous managers, including Stephen Broderick, one of FirmDecisions' founders, who will remain as Chief Executive of the FirmDecisions business.
FirmDecisions' unaudited revenue for the year ended 30 June 2012 was approximately £2m and it generated an operating profit before highlighted items of approximately £0.3m. FirmDecisions employs approximately 20 people.
Michael Greenlees, Chief Executive Officer of Ebiquity:
"FirmDecisions is the first name in media financial compliance with experience across a wide range of global clients. This acquisition enables Ebiquity to bring increased transparency to the media transaction market-place and a higher level of advertiser confidence in contractual compliance."