Communications group Next Fifteen has announced the acquisition of the majority stake in political and public affairs specialist digital agency Connections Media.
Connections Media, established in 2004 by CEO Jonah Seiger in Washington-DC currently employs 15 staff, offering a variety of services, including strategy, design, advertising, technology and social media aimed within the political sector.
Next Fifteen has acquired an 80 per cent stake in the company in order to grow its presences within the US for an initial sum of $1.85m, with a deferred consideration of 25 per cent in the group’s shares based on performance targets.
The company’s directors, Seiger, chief technology officer Phil Lepanto and Andy Weishaar, the agency’s chief creative officer, will remain with the company.
Tim Dyson, CEO of Next 15, commented: “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.”
Connections Media reported revenue of $2.65m last year, with a pre-tax profit of $0.85m and gross assets of $1.15m.
The business is to be acquired with a net working capital of $0.55m.