Figtree acquisition by Prophet set to aid agency's international growth
The acquisition of design consultancy Figtree by US company Prophet, will aid their international aspirations, according to Results International, the company that acted as advisers on the deal.
Keith Hunt, managing partner at Results International said that both businesses possessed a similar culture and that they had “no internal barriers” that would prevent them from assembling global teams quickly.
The acquisition Figtree, which employs around 40 people and has offices in London and Hong Kong, will also grow the Prophet business within the UK, which is likely to see its small London office merge as a result.
“Figtree is without doubt one of the best independent strategic design consultancies operating today. Its Hong Kong office, launched 18 months ago, has grown quickly and is a rare international success story among independents in the sector who have trodden a similar path,” commented Hunt.
“Prophet, little-known in the UK, is a relatively new privately-owned player on the US design consultancy market. Like Figtree it is positioned at the strategic end of the sector. The deal plays beautifully into Figtree’s global aspirations. In turn, Prophet finds itself with a foothold in Europe and a partner that has equally ambitious international growth plans,” he added.
“The UK design industry is a fairly mature one dominated by the big established network players and with few deals of note in recent years. However as this transaction shows, quality businesses still sell.
The combined Figtree/Prophet group offer will no doubt create a stir and quite likely challenge the established order. This can only be good news for the industry.”
Prophet employs around 250 members of staff, and has eight offices across Europe and the US.