Insight agency Snowball bought by Tangent for £3m
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UK— Digital marketing firm Tangent has acquired customer insight agency Snowball in a cash and shares deal worth up to £3.2m.
Snowball, set up in 2003, provides data insight and analytics to help clients including Bang & Olufsen, Dunhill and Trailfinders to attract and retain customers.
Managing director Damian Bentley (pictured) said: “Joining up with a business such as Tangent means that we can take our skills with data into new areas, strengthening our digital credentials and increasing our creative capacity to broaden our offering.”
Tangent CEO Nicholas Green said the acquisition of Snowball would “transform Tangent’s skills in this area whilst opening up a completely new sales channel to Snowball’s own client base”.
The deal consists of an initial consideration of £1m in cash and a further consideration of £2.2m in cash and shares, subject to Snowball meeting an EBIT target of £1.5m over a three-year period.
Tangent tried to buy digital marketing and research group TMN last year, but its approach was unsuccessful. TMN was eventually acquired by Datamonitor co-founder Mike Danson’s Progressive Digital Media.
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Snowball was set up in 2003, using insight and analytics to help companies including Bang & Olufsen, Dunhill and Trailfinders to attract and retain customers.In 2008 it made an adjusted pro forma pre-tax profit of £878,000 on revenue of £2.3m.
Tangent CEO Nicholas Green said: “The Snowball acquisition will transform Tangent’s skills in this areas whilst opening up a completely new sales channel to Snowball’s own client base.”
Damian Bentley (pictured), managing director of Snowball, said: “Joining up with a business such as Tangent means that we can take our skills with data into new areas, strengthening our digital credentials and increasing our creative capacity to broaden our offering.”
The deal consists of an initial consideration of £1m in cash, and a further consideration of £2.2m in a combination of cash and shares, subject to Snowball meeting EBIT targets over a three-year period.
