Technology and media firm iCreate Limited has reached an agreement to acquire Visual Vibe Limited, a digital billboard advertising company.
iCreate has tapped VM Wealth as the lead arranger/broker and listing agent for the rights issue through which the acquisition is to be completed.
The acquisition was formalised with the signing of the agreement at the offices of iCreate in Kingston on Wednesday (June 29).
Speaking at that ceremony, iCreate CEO Tyrone Wilson said the deal continued his company’s aggressive quest for sustainable growth through acquiring well-run businesses that were compatible with its outlook.
“We’re very pleased to be able to agree on this acquisition, as it brings iCreate closer to our vision of becoming a creative conglomerate,” he said.
“Visual Vibe is a market leader in the outdoor media field and has been a profitable enterprise. We expect this venture to have a positive impact on our bottom line in short order, help us to grow our business at a faster rate.”
Wilson also argued that the venture was in fulfilment of the company’s ‘two-to-one’ financial strategy, which is to deliver US$2 million in revenues and US$1 million in profits.
CEO of Visual Vibe Aldrick ‘Allie’ McNab described the deal as well-timed, coming at an important juncture in both the company’s history and the overall economic climate.
“The business has great potential for expansion into other areas of advertising and iCreate came with some proposals that were good,” he noted. “We have been discussing the possibility of finding the right entity that can maximise the opportunities in this digital reality, and we are confident we’re placing the company in good hands.”
McNab said he intends to stay on at the company for another year to assist with the transition.
Visual Vibe has been in business for almost two decades, providing clients in both the private and public sectors with high-impact, quality video board advertising islandwide.
There are presently 13 Visual Vibe boards spread across the parishes of Kingston, St Catherine, St Ann, St James and Manchester.