SYDNEY, AUSTRALIA: Enero Group Limited (ASX: EGG) announced the sale of two of its businesses, The Leading Edge (TLE) and The Digital Edge (TDE) to FiftyFive5.
To further align the Group’s portfolio of complementary brands and services across the globe.
As Enero continually refines its portfolio, the creative technology company has sold TLE and TDE to market research company FitftyFive5, after acquiring the businesses in July 2004.
Brent Scrimshaw, Enero Group CEO, said: “Enero continues to refine its portfolio of global brands and progressive services to align with our operating strategy and drive organic and cross-geographical growth.
“We remain relentlessly focussed on execution while simultaneously building scale and adding digital capabilities across markets in our core verticals.
The combined businesses of TLE and TDE contributed 1.7%, or $2.7m, of Enero Group net revenue for FY21 and 1.4%, or $1.3m for 1HFY22. Enero Group will receive cash consideration of $1.35M and recognise a nominal gain on the transaction.
Enero Group is a creative technology company operating a global collective of marketing and communications specialist agencies listed on the Australian Securities Exchange (ASX).
Its portfolio includes: digital agency Orchard; creative agency BMF; brand, marketing and PR comms consultancy Hotwire; programmatic marketing platform OBMedia and issues management comms advisory CPR.