Entertainment company Vividthree specialising in the production of immersive experiences, has entered into a definitive conditional sale and purchase agreement (SPA) with Singapore and Malaysia PR agency, Elliot Communications - also known as Elliot & Co. The deal is expected to be completed by 30 April 2023.
The acquisition of Elliot & Co. complements Vividthree's core business of digital content production and is in line with its ambition to expand its footprint in the communications industry. According to the release, Elliot & Co. represents “a highly synergistic and strategic acquisition” that will broaden Vividthree’s service portfolio and bolster value for customers.
The partnership will enable Vividthree to enter new markets and capitalise on emerging opportunities across Southeast Asia.
Vividthree plans to invest SG$775,393 in cash for new and vendor shares which will acquire a 30% stake in Elliot & Co. The deal also details a call option agreement with Elliot & Co., allowing Vividthree to acquire a further 21% stake for at least SG$1.98 million if Elliot & Co. achieves a net profit of not less than SG$900,000 between FY2023 and FY2025. Upon exercising the call option, Vividthree will have an interest in 51% of Elliot & Co.’s issued and paid-up share capital.
Jonathan Zhang (pictured left), chief executive officer of Vividthree, said, “Our partnership with Elliot & Co. will broaden our portfolio of services and reinforce our presence in the APAC region. With this acquisition, we are well positioned to enhance our reputation and build stronger relationships with stakeholders, which will drive value for our shareholders and enable us to better serve our clients. Our decision to partner with Elliot & Co. was based on their exceptional commitment to customer satisfaction, remarkable growth trajectory, and shared values, all of which make them a perfect fit for us.”
Jeremy Foo (pictured right), founder of Elliot & Co. said, “By combining our expertise in media engagement with Vividthree's proven leadership in content production, we are now able to offer our customers with a comprehensive suite of content management and communications services, providing us with a competitive edge as we move into 2023 and beyond. We are excited to further integrate our services and offer our clients new ways to thrive in this digital era.”
Since Elliot & Co.’s inception in 2016, the company has grown to establish offices in Singapore, Malaysia, and Indonesia, alongside a team of communications professionals.
MARKETING-INTERACTIVE has reached out for more information.
Previously, The Malaysia Institute of Economic Research (MIER) and Science Discoveries (SD) has inked a Memorandum of Understanding with virtual reality, visual effects and computer-generated imagery production studio Vividthree, appointing it as the exclusive immersive technology, gamification and IT production provider for the HeurkaLand Project.
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