Digital marketing and advertising company Electric Guitar will acquire software solutions provider Mymyne, previously set up by its chief executive.
Mymyne was set up in 2019 by Electric Guitar’s chief executive, John Regan, to develop and commercialise data-related software services, with swoop is being viewed as a sign that the marketing world is moving towards increasingly personalised ad targeting.
The purchase will be paid for in two parts, worth a maximum of approximately £154,000 total, the company said.
Mymyne operates a range of personalised data tools: a website for collecting first-party data in exchange for discount vouchers; situational targeting, a segmentation tool that can be “used for both customer intent analysis and programmatic digital advertising”; and Peprr, a digital traffic and website optimisation tool that offers “independent web analytics”, Electric Guitar said.
Electric Guitar also acquired 3radical in May, which regularly engaged Mymyne for sales and marketing, the company said, making the acquisition a “significant” opportunity to save on costs, it added.
The acquisition of 3radical constituted a reverse takeover, the company said, and caused Electric Guitar to delist from the standard segment of the London Stock Exchange. It has been trading on the LSE sub-segment AIM since May.
Richard Horwood, chief operational officer of Electric Guitar, said: “Mymyne not only brings Electric Guitar additional intellectual property, but also brings in-house key sales and marketing functions that had previously been outsourced by 3radical, and which we can now fully apply to the other digital marketing businesses we will be acquiring as part of our buy and build strategy.
Moreover, the deal achieves cost savings that more than offset the value of the all-share consideration, regardless of the other benefits of the acquisition.”
Jason Batten, managing director of Mymyne, said: “Working with 3radical and Electric Guitar has been an important part of our business, and this all-share deal is a logical evolution, giving our shareholders the opportunity to benefit directly from the success of the Electric Guitar group as it grows.”