St Ives Group has completed the acquisition of digital marketing agency Realise for £21.7m.
The Edinburgh and London agency has been bought by the group as it aims to add complementary digital and marketing services to its overall offering
The deal will include £18.4m in cash and 1.7 million in group shares, depending on incremental financial performance by 30 September 2014 and 2015.
Patrick Martell, St Ives, said: “With the acquisition of Realise, we are adding substantial depth to our digital offering and further enhancing the range of marketing services we can provide for our existing and prospective clients. Realise complements our integrated offering in the market - a combination of insight led innovation and trusted execution across digital and physical media. I am delighted to welcome the Realise team to the Group and look forward to supporting their growth plans.”
Meanwhile, Realise’s CEO Tony Murphy, added: “Realise already has a strong reputation as one of the most respected digital marketing agencies in the UK. With the support of St Ives Group, we can continue to grow both in the UK and internationally by being part of a larger group whilst still retaining our own identity and culture as an independently managed specialist agency.”
According to St Ives Group, Realise generated a pre-tax profit in 2012 of £1.7m with revenue of £9.7m, while the agency’s existing management team will remain in place.