LONDON: Brave Bison, the next-generation marketing and technology partner for global brands, has acquired the entire issued share capital of MTM London Limited (MTM) for an initial cash-and-share consideration of £6 million.
MTM London is a strategy and insights consultancy working with global technology and media companies such as Google, Figma, Samsung and Spotify
Initial cash consideration of £5 million and initial share consideration of £1 million. Further cash and share consideration of up to £6 million payable over 5 years and self-funding, subject to continuing employment and business performance. Total maximum consideration of £12 million
Acquisition increases Brave Bison pro-forma adjusted EBITDA to £9.4 million and underlying pro-forma basic EPS by 13%, before cost savings from property and central overheads
Acquisition increases Brave Bison pro-forma net revenue to £44 million, more than double the £21 million reported in FY24 and more than 11x the £4 million reported in FY20
MTM is a market leader in developer consultancy, having surveyed approximately 6,000 technical professionals over the last 3 years across mobile, cloud, web and machine learning ecosystems. MTM leverages its global developer network to conduct dedicated research into developer tools and services to better inform product adoption.
In the year ending 31 December 2024, MTM generated net revenue of £8.3 million, adjusted EBITDA of £1.3 million and profit before tax of £0.7 million, inclusive of a £0.2 million goodwill impairment. In the year ending 31 December 2025, MTM is expected to generate net revenue of £7.9 million and adjusted EBITDA of £1.3 million. MTM reported audited net assets of £3.1 million at 31 December 2024.
On a pro-forma basis, the acquisition of MTM increases Brave Bison FY25 net revenue to £44 million and adjusted EBITDA to £9.4 million, compared to £21.3 million and £4.5 million reported in FY24, respectively. Brave Bison pro-forma adjusted basic EPS is expected to increase by at least 13%, and is expected to increase by 38% since FY24.
After completion of the acquisition Brave Bison intends to centralise overheads including property, finance, HR, marketing and IT. Cost savings generated through this programme would be additive to current profit expectations.
The acquisition will be funded through the Company’s revolving credit facility and existing cash resources. Net bank debt is expected to be £4-5 million at 31 December 2025, approximately 0.5x the enlarged Brave Bison pro-forma EBITDA.