Beringer Capital a private equity firm that owns AdWeek and Blue Acorn, announced today (May 15) the acquisition of a majority stake in Icidigital, a provider of technical and creative business solutions.
Financial details of the transaction were not publicly disclosed, although it's understood that Icidigital's current leadership will retain a significant stake in the company and the team will continue to operate independently under Greg Boone, the current president and chief executive officer of Icidigital.
Boone said: "Our partnership with Beringer Capital allows us to expand our reach and widen our talent pool across creative, engineering and data science. We're thrilled to continue helping the biggest companies in the world transform and future-proof their businesses in this quickly evolving digital age."
"We believe Icidigital is strategically positioned to help marketers of leading brands drive digital transformation at scale," said Brian F. Martin, vice chairman and managing partner at Beringer Capital.
"Icidigital's team of world-class technologists and creative problem solvers have been instrumental in building exceptional customer experiences that have helped major brands stay competitive. We look forward to providing Icidigital with the resources they need to further invest in their team, services and solutions."
Icidigital is an official partner of WEM industry leader, Adobe, and implementation partner for building adaptive systems with Adobe Marketing Cloud, and grew 30% this year and has provided business solutions for brands such as Time Warner Cable, Panera, NASCAR, SAS, Ingersoll Rand and Food Lion.
Meanwhile, in 2016, Beringer Capital acquired AdWeek and its nine blogs, which include: TVNewser; FishbowlNY and TVSpy. Later in 2017, the private equity firm also acquired the digital commerce agency Blue Acorn, Inc.