Irish digital marketing company Ebow Digital has sold a majority stake in the company to a UK-based corporate rewards program operator, setting it up for growth and expansion on both sides of the Irish Sea, the company's founder said.
Prosper² (Prosper Squared) is a UK-based members-only business club providing its 2,000+ members with in-house services, from corporate travel and business concierge services to business intelligence tools and advice, as well as access to rewards and loyalty systems for customers and employees.
Founded in Dublin by Irishman David Douglas, Ebow – whose clients include the HSE, Trinity College Dublin and Kerrygold – will have access to Prosper²'s network of member companies to provide its services as part of the agreement.
Douglas told The Irish Times on Wednesday that Prosper² had acquired a 51% stake in the Irish business for an undisclosed sum. Douglas will retain the remaining 49% stake and will continue in a leadership role.
He declined to say how much the stake would cost, but said Prosper² plans to invest “well in excess of seven figures” in Ebou over the next two to five years to grow organically and through acquisitions. Douglas said Ebou has hired a broker to identify potential acquisition or merger representatives.
He said Ebou, which has about 30 staff in Dublin and also has a presence in the United States, would use the investment to double its workforce and open new offices in Dublin and Manchester. “Currently, Ebou's annual turnover is between 3 and 4 million euros. We want to grow this to between 20 and 30 million euros within the next five years.”
Douglas said the Irish and UK digital marketing industries were poised for consolidation and Ebou’s aim was to build the next generation of global agency network led by Irish companies.
“The market is overserved,” he said. “The problem with any market is that when you get overserved and there are too many people supplying a service, the value of the service starts to decrease. Through consolidation and through discussion between companies, we can prevent that. We can prevent the classic race to the bottom.”
Prosper² managing director Michael Wilson said in a statement that Ebou's addition is “perfectly aligned” with “our mission to deliver exceptional value to our members.”
“By combining our resources, we can create compelling digital experiences that drive business growth and success through our network and investments.”
