Next 15 acquires digital B2B marketing agency Velocity Partners for initial £5.9m
Next 15 has acquired B2B digital agency Velocity Partners which works with clients such as Xerox, Informatica and Sprint.
Velocity Partners logo
The acquisition of the whole business will take place for an initial £5.9m and will see founders Doug Kessler and Stan Woods remain on board.
The deal will include £4.9m being paid in cash with 251,966 also being paid in new ordinary shares in Next 15. Further payments may be made on five future occasions between 2018 and 2022 based on average profits for Velocity.
Tim Dyson, chief executive of Next 15, said: “Data-driven content marketing is the fastest growing part of the marketing mix right now. This is a key area of investment for us going forward. Velocity has built an impressive business with a strong B2B focus that means it will placed to achieve its ambitions in the US and UK markets. At its core is a strong management team that shares our vision and values. We are very excited to work with them to help them achieve their plans.”
Velocity reported year end net profits of £5.2m in April, including adjusted profits of £1.35m and assets of £2.1m. It also claimed that while it is a UK business, 70% of its revenue stemmed from the US last year.