Trimantium GrowthOps launches stock market bid for Singapore based agency group

Marketing and consultancy group Trimantium GrowthOps has launched a takeover bid for Singapore-based, ASX-listed marketing and digital transformation firm Asia Pacific Digital.

The $20 million deal will see Trimanium GrowthOps, the owner of advertising agencies AJF Partnership and Khemistry, offer one share for 8.9 of Asia Pacific Digital’s shares.

Trimanitum GrowthOps’ CEO Paul Mansfield, board chair Dominique Fisher and managing director Phillip Kingston

Along with the offer, Trimantium GrowthOps will also provide up to $2 million in working capital for APD which lost $1.5 million in the first half of this financial year following a $4.1 million loss for the 2017 financial year.

Last December APD suffered a blow in losing Ford’s East Asian technology account, which forced the company to close its Shanghai office.

Trimantium itself raised $70 million in a listing earlier this year which enabled it to acquire AJF Partnership, Brisbane based Khemistry and Canberra’s Voodoo Creative along with a group of IT and consulting firms.

APD was listed in 2014 with the intent of building an integrated digital transformation business across the Asia Pacific region. Last year 67% of its revenues were from Australia, 16% Malaysia and 9% in Singapore. In 2015, the company acquired Singaporean agency @ccomplice.

The takeover would more than double Trimantium GrowthOp’s existing headcount of approximately 260 employees with APD having 300 staff in its Singapore, Kuala Lumpur, Manila, Singapore, Sydney, Melbourne and Auckland offices.

GrowthOps Managing Director, Phillip Kingston said in a statement: “The acquisition of APD enhances the existing GrowthOps service offering.

“It follows the successful integration of our existing technology-driven businesses. APD’s Asian presence and core competencies, particularly in technology, complement our existing end-to-end platform and allow us to strengthen our powerful value proposition for clients in the Asia Pacific region.”

Asia Pacific Digital’s chairman, Roger Sharp added: “This transaction provides APD’s shareholders, employees and customers with the opportunity to continue their digital transformation journey with a more complete suite of services and a broader and deeper skill base, with the benefit of a stronger balance sheet. We see APD and GrowthOps operating a world-class business together.”

Sharp, who is also chair of ASX listed Webjet, will be invited to join the Trimanitium GrowthOps board as part of the transaction. Asia Pacific Digital’s board has given its support to the bid, which is at a 133% premium to APD’s current share price.


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