The UK-based Future expands into the United States with its acquisition of SmartBrief.
It has also secured its place in business-to-business media because of it. The platform for specialist media first set foot in the US with its acquisition of NewBay Media, under which Radio World, TV Technology and Broadcasting & Cable have become properties of Future as well, according to Radio World's coverage.
The acquisition of SmartBrief helps it enhance its proprietary technology with the addition of different features, such as email marketing. It also helps Future by more than tripling its existing B2B subscriber database. The acquisition, according to analysts, was expected to be completed during the week.
The SmartBrief acquisition complemented Future's existing global B2B portfolio. They are dedicated to building specialist brands and are also committed to information through relevant and credible newsletter content, Future said in an announcement.
The deal was closed at $65 million with emphasis on "subsequent performance," according to a summary of the investment from insiders. The upfront payment will be $32.3 million cash with $12.8 million to be given through shares.
The agreement also included a deferred consideration which is based on some financial targets achieved over the year, scheduled to end on July 31, 2020. That is subject to a monetary cap of $20 million, according to TV Technology.
SmartBrief's share capital is divided into three founders. One of them, Rick Stamberger, is still active in the business as CEO, who will also go on to be part of SmartBrief after the deal closes. The other founders are Dan O'Brien and Tom Wheeler.
The business operates in partnership with different trade associations and professional societies, as well as non-profits and corporations. These are divided among diverse industries such as business, finance, marketing & advertising, and health care.
Zillah Byng-Thorne, the CEO of Future, said that the acquisition was meant to boost their presence as well as their market position in the B2B sector. It was also meant to help them enhance any proprietary technology capabilities as well as expand their business further.
SmartBrief is also familiar to a lot of people in broadcasting as the publisher of NAB SmartBrief, in partnership with the National Association of Broadcasters. Through the acquisition, Future will come to own SmartBrief's existing database composed of 5.9 mullion subscribers. The database counted "senior executives, industry professionals, and thought leaders." It also adds more than 250 digital newsletters to Future's existing stash.
