Next Fifteen takes a bite out of Upstream
Upstream Australia is set to become Bite Communications, pending approval of a proposed takeover by Bite's parent company, Next Fifteen.
The deal will see Next Fifteen acquire 55 per cent Upstream Asia, which is comprised of operations in Sydney, Beijing, Shanghai, Hong Kong and Singapore for an initial consideration of $US1.1 million. The remaining 45 per cent will be acquired under buy-out conditions over the next four years.
While subject to shareholder approval, the deal is expected to be completed before the end of this month. At that point, all of Upstream Asia's PR operations will become part of Bite Communications.
Interestingly, Bite has a strong history in the tech sector with clients that include AMD, Facebook, Sun Microsystems, Sybase and Symantec.
Upstream Asia CEO David Ketchum told Marketing-interactive that Bite was a good fit for his company and would benefit by its reach throughout Asia.
"It's quite strategic for them and for us. A lot of clients are making decisions and it will open up a lot of business traffic from Asia to the rest of the world," he was quoted as saying.
Next Fifteen Communications Group owns five independent subsidiary PR brands: Text 100, Bite Communications, OutCast, Lexisand M Booth. The Group also owns two research businesses, Context Analytics and Redshift Research, and has an investment in a policy communications business, 463 Communications. It has 38 offices in 18 countries and employs more than 800 people.
The deal will see Next Fifteen acquire 55 per cent Upstream Asia, which is comprised of operations in Sydney, Beijing, Shanghai, Hong Kong and Singapore for an initial consideration of $US1.1 million. The remaining 45 per cent will be acquired under buy-out conditions over the next four years.
While subject to shareholder approval, the deal is expected to be completed before the end of this month. At that point, all of Upstream Asia's PR operations will become part of Bite Communications.
Interestingly, Bite has a strong history in the tech sector with clients that include AMD, Facebook, Sun Microsystems, Sybase and Symantec.
Upstream Asia CEO David Ketchum told Marketing-interactive that Bite was a good fit for his company and would benefit by its reach throughout Asia.
"It's quite strategic for them and for us. A lot of clients are making decisions and it will open up a lot of business traffic from Asia to the rest of the world," he was quoted as saying.
Next Fifteen Communications Group owns five independent subsidiary PR brands: Text 100, Bite Communications, OutCast, Lexisand M Booth. The Group also owns two research businesses, Context Analytics and Redshift Research, and has an investment in a policy communications business, 463 Communications. It has 38 offices in 18 countries and employs more than 800 people.
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