(Alliance News) - SEC Newgate SpA announced on Monday its expansion into the US market with a new joint venture with Bellwether Strategies called SEC Newgate US LLC.
The joint venture comes as the London-based communications, advocacy, and research group pursues a three-year strategic plan announced in November last year.
The strategic plan focused on strengthening the company's balance sheet and returning to profit, as well as raising the company's global visibility and reputation. Another priority was to strengthen and increase SEC Newgate's capabilities through acquisitions.
SEC Newgate owns 55% of the joint venture, while Bellwether Strategies owns the rest.
Bellwether Strategies is a corporate advisory and strategic consulting firm headquartered in New York.
SEC Newgate said: "This will enable SEC Newgate to have a low risk, local presence and approach the US market with well-established key professionals in New York and Washington."
SEC Newgate US will be based in New York and Washington.
The US is a key strategic market for the group as it strengthens its geographic presence and ambitions to act as a global player in the communications market, SEC Newgate said.
SEC Newgate Chief Executive Fiorenzo Tagliabue said: "Despite Covid-19's impact on the global current state of affairs, we decided to pursue this fundamental step in our strategic development plan given the paramount importance of the US market.
"I believe SEC Newgate is dealing with this huge market with a solid approach which, while it limits our financial exposure, provides us with a solid base, a very seasoned partner, and a platform for further expansion over the coming years."
SEC Newgate shares were down 3.2% at 30.00 pence each on Monday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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