St Ives invests £1.5m in Sponge, advised by Ingenious
Print and marketing services group St Ives has announced that it has invested £1.5m in Sponge, a leading provider of mobile marketing solutions.
St Ives invested the money in the form of convertible loan stock, equivalent to a 24% equity stake on conversion, with first right of refusal in the event of the sale of the remaining equity.
The investment in Sponge is another step in St Ives’s strategy to create a range of digital and marketing services that will allow the group to add value to existing and new clients.
Independent advisor Ingenious advised on the deal, one of four deals which are proposed as part of the agency’s strategy.
Chris Graves, director at Ingenious Corporate Finance, said: "Mobile marketing is an exciting and fast-growing sector and we are pleased to be building our experience in the space. We expect further consolidation in the sector as mobile becomes ever more important to both brands and marketing services groups."
Sponge, which is London based with 22 staff members, will work closely with St Ives but will continue to be managed by the existing management team from its current premises.
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