Digital marketing company Be Heard agrees deal to acquire MMT Digital for up to £20.5m
Digital marketing company Be Heard has conditionally agreed to acquire MMT Digital for up to £20.5m.
If approved by shareholders, Be Heard would pay an initial £5.1m for the design, build and user experience agency. And an additional £15.4m could be paid subject to performance.
Be Heard announced a temporary suspension of trading on the alternative investment market (Aim) today until early April when it is hoped the deal's admission document will be published.
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This announcement follows Be Heard’s acquisition of Agenda21 in November last year for an initial £3.3m. A further £8.6m could be paid over the next three years subject to performance.
Founded in 1999, MMT Digital reported an underlying profit before tax of £1.1m in the year to March 2015.
Be Heard’s initial payment will be made up of 65 per cent cash and 35 per cent issue of new ordinary shares in the company.
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Executive chairman Peter Scott, the former chief executive of Aegis, said: "The acquisition of MMT Digital is our second step towards Be Heard's ambition of forging an agile, interconnected digital marketing group.
“MMT Digital's award-winning team devise and create first-class websites and applications, delivering exceptional digital experiences for brands. Their skills and capabilities will become an integral part of our client offering.”