LONDON, UK: The Board of Future plc, the global platform for specialist media, announced the acquisition of SmartBrief Inc., a leading US based digital media publisher, for an initial sum of $45 million.
The initial $45 million will include a cash consideration of $32.2 million funded from the Group’s existing debt facilities, with a further $12.8 million to be satisfied through the issue to the vendors of 1,027,492 new ordinary shares.
The agreement also includes a deferred consideration based on certain financial targets achieved over the year ending 31 July 2020, which is subject to a cap of $20 million.
SmartBrief, headquartered in Washington DC, is a digital media publisher of targeted business news and information, combining technology and editorial expertise to deliver relevant industry news curated from over 1,500 sources.
SmartBrief operates in partnership with trade associations, professional societies, non-profits and corporations across a range of verticals including business, education, finance, health care, marketing & advertising, retail and food & travel.
Zillah Byng-Thorne, CEO of Future, said: “This acquisition will substantially boost our presence and market position in the B2B sector and enhance our proprietary technology capabilities.
“SmartBrief is a leading, respected provider of sector-focused newsletters and daily email briefings covering a range of key verticals. The addition of SmartBrief’s must-read information products to our portfolio will further extend the reach of our B2B operations.
“The acquisition of SmartBrief will be earnings enhancing and we have identified a number of exciting opportunities to leverage SmartBrief’s proprietary technology in both our B2C and B2B business.”