Future acquires US-based digital media publisher SmartBrief

Specialist media group Future acquired US-based digital media publisher SmartBrief on Monday for an initial sum of $45m. Future's initial payment will include a cash consideration of $32.2m, funded from its existing debt facilities, with a further $12.8m to be satisfied through the issue of 1.02m new ordinary shares. The FTSE 250 resident noted the acquisition also included a deferred consideration, based on certain financial targets, subject to a cap of $20m. Future said the acquisition enhanced its proprietary technology stack through the addition of automated email marketing, enhancing operations by increasing scale and product capabilities in its B2B division, as well as providing access to CRM and email marketing as potential new audience drivers for its B2C unit. SmartBrief was predicted to deliver "stable" annual revenues of $35.1m and adjusted underlying earnings of $5m. Chief executive Zillah Byng-Thorne said: "This acquisition will substantially boost our presence and market position in the B2B sector and enhance our proprietary technology capabilities. "The acquisition of SmartBrief will be earnings enhancing and we have identified a number of exciting opportunities to leverage SmartBrief's proprietary technology in both our B2C and B2B business."