Jaywing Share News (JWNG)

(ShareCast News) - Jaywing, an AIM-listed UK-based firm specialising in the application of data science, said it has bought Massive Group, a search marketing agency based in Sydney, Australia.The company will make an initial cash payment of AUD$2m for a 75% stake, plus an earn out consideration of up to AUD$2 million, which will be payable in three instalments over the next two years, subject to the future performance of Massive.From July 2020, Jaywing will be able to buy the remaining 25% via a put and call option at a multiple of its average audited EBITDA for the previous two financial years, subject to a maximum total consideration payable of AUD$12m for the entire business. Massive specialises in search marketing, the adoption of which is growing quickly in Australia, Jaywing said.Its clients include a broad range of companies such as Wedgwood, Waterford Crystal, Royal Doulton, Century 21 and Amber Tiles. Massive has experienced strong revenue growth over the past three years with revenue growing by more than 300% in this period.Jaywing has a small search marketing team in Sydney. The purchase allows it to consolidate its existing client relationships and take full advantage of the rapidly growing market in Australia, it said.