Brave Bison makes 'transformational' acquisition

Social media marketing firm Brave Bison said on Friday that it has agreed to acquire Greenlight Digital and Greenlight Commerce as part of a deal worth £6.8m.

Brave Bison will fund the "transformational" purchase of Greenlight, a digital advertising and technology company, by way of a placing of 455.55m new ordinary shares at a price of 1.35p each.

The AIM-listed firm anticipates that the addition of Greenlight to the group will be "significantly earnings accretive in the current year and beyond".

In 2020, Greenlight generated revenues of roughly £14.3m and adjusted underlying earnings of around £800,000, more than doubling the group's revenues on a pro-forma basis.

Chairman Oliver Green said: "We are building a media group for the new era: a single business that combines our own media network with digital and social marketing services, providing clients with access to both eyeballs and execution.

"This acquisition represents a significant step towards realising our vision and we are delighted to welcome the Greenlight team into the group"

As of 0945 BST, Brave Bison shares were up 4.35% at 1.80p.