Local mobile marketing business The Hyperfactory has fully sold out to US media/marketing company Meredith Corporation.
The deal comes a year after Meredith took a strategic stake in the company - apparently for a Navman-league price.
READ ALSO: Handley on Apple iAds’ strengths ... and flea-like weakness
The Hyperfactory was founded by New Zealanders Derek (32) and Geoffrey Handley (35) in 2001. It specialized in marketing through mobile, a growing advertising market.
Derek Handley said the completion of the deal between the Hyperfactory and Meredith is evidence of the ability New Zealand entrepreneurs have to make it on the world stage, “in the most competitive and fast-paced industries”.
“Globally, Kiwi companies are at the cutting edge of the use new technology, and by having the courage to take our ideas and capabilities off shore, we are able to become a significant powerhouse within some of the world’s leading corporations.”
Mr Handley said the company’s dual headquarters of New York/Auckland has been pivotal to its success – though it has a network of offices in LA, Chicago, Hong Kong, Sydney and Hyderabad.
The Hyperfactory’s client list includes Coca-Cola, BlackBerry, L’Oreal, Vodafone, Disney and Kraft.
Terms of the acquisition have not been disclosed by Meredith, but Mr Handley says it’s comparable to recent leading technology deals for Kiwi companies.
MORE: A Navman-league deal
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
US Meredith Corporation acquires The Hyperfactory
6709