Digital marketing group Be Heard has outlined its proposed acquisition of a 75% stake in marketing innovation consultancy Freemavens for the sum of around £1.7m.
Freemavens will be the group’s fourth partner, providing it with specialisms in data and analytics which it holds to be the future of marketing and follows hot on the heels of a £10m purchase of content marketing agency Kameleon in December.
Peter Scott, executive chairman of Be Heard said: “The Freemavens team will give Be Heard industry leading analytics capability, and once bedded into our Group will augment and enhance the work we do for clients. Intelligent use of data underpins all decision making; our intention is to develop the analytics capability at Be Heard as a central function and resource for our clients. Bringing the exceptional Freemavens team into the fold is, I believe, a bold first step.”
Christopher Palengat, co-founder of Freemavens added: “Be Heard offers the perfect opportunity to take what we have built in analytics and insight to the next level. The value they place on analytics, and the quality of the existing partner companies present enormous new opportunities for Freemavens. We can't wait to get started.”
Armed with its new acquisition, Be Heard aims to develop tools and services to harness big data to answer clients’ business questions and develop insights and actionable ideas - augmenting existing strengths in the fields of digital media planning and buying; UX, design and build; and Content and integrated creative.
Freemavens founders will retain a 25% stake in the business going forward in addition to a share allocation with Be Heard itself.