Last checked at 4 Oct 2012 14:00
4 October 2012
WEARE 2020 plc
Acquisition of Iris Associates
WEARE 2020 plc (AIM:2020) ("the Company" or the "Group"), the digital marketing specialist, is pleased to announce that it has acquired 100% of the share capital in Iris Associates ("Iris"), the Sheffield based creative agency, for an initial consideration of £1.1m in cash. Based on certain performance criteria, additional consideration of up to £1.3m may become payable over the next 3 years.
Iris Associates was founded in 1991 by David Wood and Maria Vardy who are currently Managing Directors of Iris. Iris Associates specialises in developing multi-channel brand campaigns. Iris' clients and portfolio of work include a broad range of blue chip names such as Yorkshire Water, Eon, Jeldwen, Intel, and Little Chef amongst many others. Iris reported EBITDA of £180k for the 12 months ended March 2012.
The acquisition of Iris will strengthen the Company's creative and business development capability through the integration with its existing Sheffield operation. David Wood and Maria Vardy will remain with the Group and become joint Managing Directors of Brand Communications, a division of the Company's marketing business.
Martin Boddy, Chief Executive: "I am delighted to welcome the talented people at Iris Associates to 2020. This acquisition makes a huge amount of sense for both parties. It considerably strengthens both our Brand Communications proposition and our Sheffield operation."
David Wood and Maria Vardy: "We're very excited to become part of 2020. Following our success in securing significant client wins over recent years, this move will enable us to broaden and deepen these relationships. There is a very positive revolution going on at 2020 and it's going to be great to be a part of it."
Enquiries:
Weare2020 plc
Luke O'Neil: 0114 281 1200
Kate McIntyre (CFO): 0114 281 1200
Cenkos Securities plc
Ivonne Cantu (Nomad): 0207 397 8980