LONDON (Alliance News) - Marketing and consulting business Jaywing PLC said Tuesday that it has acquired Leeds and London-based search marketing agency Epiphany Solutions Ltd.
Jawying said its bought Epiphany for an initial cash payment of GBP11 million, plus a further deferred cash payment of GBP1 million and earn out consideration of up to GBP6 million, subject to the future performance of the business. It said the earn out consideration would be payable in two installments over the next two years.
It said the acquisition is being funded through its existing cash resources and bank debt.
For the 12 months ended January 31, Epiphany Solutions reported a pretax profit of GBP1.4 million, and gross assets as at 31 January 2013 were GBP2.3 million.
"Not only is Epiphany a well run business with good revenue visibility, it is also a great cultural and geographic fit," said Chief Executive Martin Boddy in a statement.
Jaywing shares were trading 8.7% higher at 28.00 pence per share Tuesday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Jaywing (JWNG)