Be Heard buys majority stake in Freemavens

Freemavens was founded in 2012 by Andrej Moyseowicz (pictured) and Christopher Palengat, and aims to solve clients’ business challenges and develop insights using big data. It has a staff of 20 and has developed several in-house data analytics tools and methodologies; its clients include Unilever, Barclays, Channel 4 and RNLI.

For the financial year ended 31 December 2016 Freemavens achieved gross revenue of £1.72m and £0.41m adjusted EBITDA (earnings before interest, tax depreciation and amortisation).

The acquisition and associated costs are being funded via a cash placing to raise gross proceeds of £2.1m. Its founders will retain the other 25% stake and gain 9,303,766 Be Heard shares (part of the acquisition deal alongside £0.84m in cash).

Freemavens will become Be Heard’s fourth partner, and is the group’s first acquisition in data and analytics.

Peter Scott, executive chairman of Be Heard said: “The Freemavens team will give Be Heard industry leading analytics capability, and once bedded into our group will augment and enhance the work we do for clients. Intelligent use of data underpins all decision making; our intention is to develop the analytics capability at Be Heard as a central function and resource for our clients. Bringing the exceptional Freemavens team into the fold is, I believe, a bold first step.”