Proactive Investors - Team Internet Group (LON:TIG) said it is acquiring online advertising specialist Shinez I.O. for an enterprise value of $41.8 million.
The deal will diversify the UK-listed web services specialist's portfolio by adding Shinez's expertise in creating and promoting engaging content across social media, search engines, and native networks.
It is known for its forty popular portals such as ourfashiontrends.com and travelerdreams.com and its 'story-telling' platform.
Team Internet will pay an initial four times EBITDA with a further 'contingent' $12.3 million hand over based on performance. The deal will be paid for from cash resources and the company's credit facility.
For the 12 months ended December 31, Shinez made gross revenues of $111 million and adjusted EBITDA of $10.4 million.
"This acquisition marks a pivotal transformation for Team Internet Group, seamlessly aligning with our innovative OM2 vision - Omni-Media, Omni-Monetisation," said Team Internet chief executive Michael Riedl.
"Our vision is to establish a versatile platform that expertly guides internet users across diverse media landscapes (Omni-Media) and steers them towards the most effective monetisation avenues (Omni-Monetisation).
"The addition of Shinez's capabilities and market reach will not only diversify our revenue streams but also accelerate our growth trajectory. We are excited about the prospects this partnership brings. We welcome the Shinez team to the Team Internet Group."