Influencer agency Shark Reach circles a Boston based marketing agency in $13m acquisition hunt
Shark Reach, Inc. has revealed that it is has made an offer to acquire a well-known and highly regarded digital marketing agency based in Boston, MA for a total purchase price of $13m dollars, including earn-outs, $7m at the closing and another $5m in stock with delivery spread out over a three year period at the then current trading price of the stock at the time of issuance.
The name of the agency it has set its sights on has yet to be revealed however.
Under the agreement, the parties are required to keep the identity of the target and some details confidential until closing but the purchase will herald the merger of an influencer marking company to existing and new clients all within the SharkReach enterprise.
Shark Reach is in the hunt to become one of the fastest growing disruptive millennial media companies in the U.S.
"This is a true inflection point for SharkReach, as we will ultimately have regional hubs in Los Angeles, Boston and Atlanta. This is an established, elite Tier 1, digital agency with multiple. long-standing relationships in key industry verticals," said Steve Smith, CEO of SharkReach. "We will be able to offer influencer marketing solutions to our existing and new clients all within the SharkReach enterprise. We hope to continue to expand our 'reach' into other digital creative services such as digital video content production and distribution."
With this Boston agency, along with the recent acquisition of Mastermind Involvement Marketing, SharkReach will be in excess of a $16m annual revenue with more than 120 employees. Post-closing on both acquisitions, they will have nine of the Fortune 100 under long term client agreements.
"I am a big fan of the work this agency has done for several iconic brands over the last decade," Kevin Harrington said, speaking of the Boston agency. "Together with their existing patented reporting platform and SharkReach's social tools, we have an unmatched offering for brands truly looking to innovate. Several of these brands have already approached me for an introduction to the executive team."
SharkReach is a disruptive millennial media company that combines the strength of an influencer owned network with proprietary technology for creating, posting, managing and monitoring branded sharable content. It has shown a unique ability to reach the Gen Y and millennial demographic and it has an aggregate reach of $2.9bn.